While the government has banned domestic corporations from investing in overseas virtual asset (coin) corporations since 2017 due to risks such as capital outflows and money laundering, the National Pension Service has steadily increased related investments, drawing complaints that it is "not equitable." Corporations preparing to collaborate with overseas virtual asset corporations noted, "It makes no sense to ban private-sector investment as risky while the National Pension Service, which is responsible for the public's retirement, increases its investments."
According to the financial sector on the 31st, the National Pension Service has steadily increased its holdings for two years after buying U.S. Strategy shares in 2024. Strategy is a representative DAT (Digital Asset Treasury) corporation that incorporates virtual assets such as Bitcoin into corporate financial assets.
As of the end of the first half of last year, the National Pension Service's holdings of virtual asset-related stocks amounted to 770 billion won. The National Pension Service has continued to increase its holdings of stocks in overseas virtual asset corporations, including U.S. virtual asset exchange Coinbase, and in the fourth quarter of last year additionally purchased 102,769 shares of Strategy.
Major overseas national pension funds also invest directly in virtual assets. Australia's AMP pension fund, Michigan's state pension fund in the United States, and the California Public Employees' Retirement System build portfolios with virtual assets such as Bitcoin and Ethereum and with Strategy shares.
Although the National Pension Service is actively investing in overseas virtual asset corporations, investments by domestic corporations have been blocked to this day as the emergency virtual asset measures introduced under Moon Jae-in's administration in 2017 have been maintained in the form of administrative guidance for nine years. Not only investment but also remittances are impossible. In major countries such as Japan and the United States, corporations freely invest in overseas virtual asset-related corporations and are launching innovative products that allow 24/7 transactions of individual listed companies or major stock index-tracking products 365 days a year.
An industry official said, "If investments are prohibited because the realities of overseas virtual asset corporations are opaque, then the National Pension Service's investments, which are responsible for the public's retirement, should be blocked even more strongly. It is a contradiction to block private corporations' investments while allowing the National Pension Service's investments."
Both the emergency measures from nine years ago and the administrative guidance by foreign exchange authorities have been maintained without any legal basis. A financial sector official said, "If investments are blocked without a legal basis, that is the same as saying there is no problem even if investments are allowed. This can be resolved if only the government and authorities have the will."
President Lee Jae-myung said in the past, when running as a candidate, that he would allow free investment in virtual assets. The Digital Asset Committee under the Lee Jae-myung election committee said in May last year that it would bring virtual assets into the institutional framework to create a free investment environment, adding, "What truly poses a 'risk' is shunning digital assets, which would mean falling behind in global financial trends, losing currency sovereignty, and missing opportunities for the growth of the people's assets."