PANews reported on September 1st that according to The Block , Lee Eok-won , the nominee for chairman of South Korea's Financial Services Commission ( FSC ), stated before his confirmation hearing that cryptocurrencies lack intrinsic value as a store of value or a medium of payment due to their high volatility. He expressed caution about pension and retirement funds investing in crypto assets and noted that local crypto ETFs remain controversial. Lee 's remarks were criticized by industry insiders as a step backward, but he also supported South Korea's plans to promote a local stablecoin market.