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This summary text is fully AI-generated and may therefore contain errors or be incomplete.
South Korea’s nominee to head the Financial Services Commission, Lee Eok-won, has drawn sharp criticism from the blockchain industry after expressing skepticism about digital assets. In written responses to lawmakers, Lee questioned crypto’s legitimacy, citing extreme volatility and lack of intrinsic value. His comments come as crypto adoption in South Korea continues to surge, with over 16 million investors holding assets worth $70 billion.
- South Korea's crypto investor base has expanded from 9.7 million in 2022 to over 16 million in early 2025, representing more than 30% of the population
- Regulators have instructed exchanges to halt lending products using fiat or digital assets as collateral and advised asset managers to reduce crypto equity exposure
- South Korean investors are reducing exposure to U.S. tech stocks while increasing allocations to crypto-linked vehicles, with BitMINE emerging as the largest Ethereum holder
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