South Korea2026.10.08Block Media

Min Byeong-deok: LucentBlock pioneered the market, but license went to vested interests. Lee Eok-won: Process was fair

• Lawmaker Min Byeong-deok alleged the fractional-investment licensing process violated legal procedures and may have favored applicants with ties to former regulators, at the expense of LucentBlock, which pioneered the market.
• FSC Chairman Lee Eok-won defended the process, saying licensing methods were fully disclosed after gathering industry opinions, and that no procedural issues occurred.
• Lee acknowledged sympathy for LucentBlock's frustration, given its four years operating in the financial regulatory sandbox before being excluded from the final licensing round.