[Profile] Lee Eog-weon, Newly Appointed Chairman of the Financial Services Commission... A Veteran Bureaucrat and 'Economic Policy Expert'

# Former Finance Vice Minister Lee Eok-won Appointed Chairman of South Korea's Financial Services Commission

Lee Eok-won, a seasoned expert in macroeconomics and monetary policy, has been appointed as the new chairman of South Korea's Financial Services Commission (FSC). With extensive experience in economic policy and governance, Lee is expected to oversee comprehensive reforms in financial markets and regulations pertaining to digital assets.

President Lee Jae-myung announced the nomination of Lee Eok-won, former Vice Minister of Strategy and Finance, as the head of the FSC on October 13.

# Professional and Academic Path of FSC Chairman Nominee

Born in 1967 in Seoul, Lee graduated from Kyungshin High School and Seoul National University, majoring in economics. He later earned a Ph.D. in economics from the University of Missouri.

Lee began his public service career in 1991 after passing the administrative exam and joined the Ministry of Finance and Economy's International Finance Bureau. His professional trajectory includes key positions such as Director of Future Strategy, Price Policy, and Comprehensive Policy divisions at the Ministry of Strategy and Finance. Lee also represented South Korea internationally, serving as Minister Counsellor at the Permanent Mission of Korea to the United Nations in Geneva and chairing the WTO's Domestic Regulation Working Group.

Domestically, Lee held prominent roles within the Ministry of Strategy and Finance, including Director General of Economic Structural Reform and Director General of Economic Policy. He also served as Economic Policy Secretary in the Presidential Office during the Moon Jae-in administration and was South Korea's 12th First Vice Minister of Strategy and Finance from 2021 to 2022. Beyond public office, Lee contributed to the private and academic sectors, serving as an outside director at LF, a visiting researcher at the Korea Capital Market Institute, and a special professor in Seoul National University's Department of Economics.

# Presidential Office's Vision and Expectations

The Presidential Office expressed confidence in Lee's ability to implement the Lee Jae-myung administration's financial policy vision, emphasizing his "extensive experience as an economic policymaker." The administration expects him to focus on initiatives such as supporting marginalized populations through inclusive financial measures and bolstering South Korea’s capital markets.

# Financial Oversight Amid Digital Asset Reforms

As the chairman of the FSC, Lee will address critical financial regulatory priorities, including the legislative framework for digital assets, design of stablecoin systems, and guidelines for corporate participation in digital asset markets. He is also tasked with revising exchange listing standards, building infrastructure for anti-money laundering (AML) measures, and enhancing cybersecurity protocols for the industry.

Key forthcoming tasks include establishing a Basic Law for Digital Assets, institutionalizing security token offerings (STOs), legal frameworks for fractional investments, and ensuring alignment with international regulatory standards.

# Dual-Track Regulatory Framework

Currently, South Korea’s financial regulators operate a dual-track system for oversight of digital assets. Policy and institutional design fall under the Virtual Asset Policy Division, while inspections and sanctions are managed by the Financial Intelligence Unit’s (FIU) Virtual Asset Inspection Division.