South Korean financial experts and opposition politicians urged the country to integrate Bitcoin into its national reserves and develop a won-backed stablecoin at a forum held last Wednesday.
The seminar, hosted at the National Assembly by the main opposition Democratic Party, analyzed potential responses to U.S. moves for a national reserve centered on Bitcoin, according to initial reporting from local media outlet The Korea Herald.
The discussions came a day before President Donald Trump signed an executive order to establish a Bitcoin Reserve and crypto stockpile late Thursday.
By Friday afternoon, the White House hosted its inaugural crypto summit, discussing and outlining the Trump administration’s priorities to “catalyze the crypto Renaissance,” according to a physical document seen by Decrypt senior reporter Sander Lutz.
Decrypt was granted a White House Press Pass to the summit, where Trump delivered remarks to an audience of crypto industry luminaries, including Strategy Chairman Michael Saylor and Coinbase CEO Brian Armstrong.
South Korea Wants to Upgrade Its Crypto Task Force Into Full Investigative Unit
South Korea will soon ramp up its crackdown on crypto-related crimes by turning its specialized task force into a permanent investigative unit. The South Korean Ministry of Justice plans to amend the Enforcement Decree of the Prosecutor’s Office Act, allowing the Joint Investigation Department (JIU) for Virtual Asset to become a permanent entity with more resources, as per a local media report. If approved, the unit will be building on its work against crypto-related crimes, expanding its author...
Meanwhile, in South Korea, lawmakers and executives proposed ways for the country to respond to outcomes of the White House crypto summit.
"South Korea will need to respond with a clear policy," Kim Jong-seung, CEO of blockchain firm xCrypton, said at the event on Wednesday ahead of Trump’s order.
The discussions coincide with growing calls to implement digital asset stockpiles and reserves.
In Asia, Hong Kong has vowed to push the country's burgeoning digital assets sector further.
Japan, also, has an ongoing proposal for a National Bitcoin Reserve, coinciding with efforts by some lawmakers to cut crypto tax in the country.
No Plan Yet to Sell Gold to Buy More Bitcoin, But Treasury Will Decide: David Sacks
White House Crypto Czar David Sacks said Friday that the Trump administration has not yet had any conversations about selling off reserve government assets like gold to buy up more Bitcoin—but indicated that key federal departments will soon weigh such considerations. “There’s been no conversation about that,” Sacks told Decrypt about potential plans to sell off assets like gold to acquire more Bitcoin for the federal government’s newly announced Strategic Bitcoin Reserve. “I see people speculat...
“Asia in particular is still trying to weigh the impact that broad-ranging tariffs and trade wars will have on interest rates and global liquidity,” Michael Terpin, CEO of venture capital firm Transform Ventures, told Decrypt.
But in South Korea, current regulations prevent non-residents from trading on South Korean crypto exchanges, pushing domestic traders to offshore platforms.
"I think Korea, in general, is slower than most, as we’ve just approved corporate accounts for crypto, and BTC and ETH ETFs are still not allowed to be traded," Min Jung, an analyst at Singapore-based Presto Research, told Decrypt. "It seems like Korea is simply trying to catch up."
Beyond bitcoin reserves, other experts in the forum emphasized the importance of creating a won-backed stablecoin.
South Korea Lawmaker Off the Hook in Crypto Disclosure Case
South Korea lawmaker Kim Nam-guk has been acquitted of charges related to concealing crypto holdings, as the court ruled that he was not legally required to disclose virtual assets under the country’s laws at the time. Judge Jeong Woo-Yong of the 9th Criminal Division of the Seoul Southern District Court delivered the verdict on Feb. 10, clearing Kim of allegations that he obstructed public duty by deceit, as per a local media report. The ruling found that virtual assets were not classified as r...
Kim warned that without a domestic stablecoin alternative, South Korea risks losing "monetary sovereignty" if USD-pegged stablecoins dominate the digital economy.
"We need to develop a model linking dollar stablecoins and won stablecoins for trade transactions," Kim told attendees.
Rep. Kim Min-seok, who leads the Democratic Party's policy preparation committee, indicated his party would reshape South Korea's crypto regulations if it returns to power.
The country could hold an election in May if President Yoon Suk Yeol's impeachment is confirmed.
Edited by Sebastian Sinclair
