South Korea’s Former Vice Finance Minister Yong-beom Kim Joins Hashed Open Research as CEO

Hashed Open Research is the blockchain and digital technology research institute backed by Web3-focused venture capital firm, Hashed.
Image source: Yong-beom Kim/Facebook

Quick take:

  • Yong-beom Kim was the First Vice Minister of the Korea Ministry of Economy and Finance from 2019 to 2021.
  • Kim announced on Tuesday that he would be joining Hashed Open Research.
  • Hashed Open Research will be a bridge between blockchain specialists and the Korean government.

South Korea’s former First Vice Minister of Economy and Finance, Yong-beom Kim, has been appointed CEO of Hashed Open Research (HOR), the blockchain and digital technology research institute backed by Web3-focused venture capital firm, Hashed.

As reported first by CoinDesk Korea, Kim announced on Facebook on Tuesday that he is joining HOR to open a constructive dialogue between blockchain experts and the Korean authorities via open seminars as the newly elected government has chosen the ‘Digital Asset Basic Law’ as a task of the state.

In his announcement, Kim said that he met with young talents and heard about Korea’s competitiveness in blockchain and digital economy sectors after resigning from public office last year. The former Vice Minister of Finance said: “I met Hashed CEO, Simon Seo-jun Kim, a year ago through his father, whom I’ve known for 20 years.”

Kim said that his experience as a senior economist at the World Bank in the early 2000s and as a former Finance Minister could be helpful for the vision and global advancement of Hashed. 

He also mentioned that Korea has enough potential to become a global G2 that stands shoulder to shoulder with the United States in the digital sector, considering the country has the world’s highest level 5G penetration, the software technology of Korean startups, the world’s fourth largest online games market, the size of Korea’s crypto market, and the power of Korean media content.

Kim is widely regarded as an expert in economics in Korea. He began his career as a government official in 1986 and has held key government posts including Vice Chairman of the Financial Services Commission (FSC) and Chairman of the Securities and Futures Commission (SFC) within the FSC. 

Amid the crypto craze in 2018, he introduced the real-name system as part of the Special Payments Act for trading cryptocurrency to curb speculation and criminal activities when he was Vice Chairman of the FSC.

In 2000, he left the government for four and a half years to work as a senior economist at World Bank, where he specialised in the Chinese economy. In 2010, he served as Director General of the Global Financial Architecture Bureau in the Presidential Committee for the G20 Seoul Summit. 

From Aug 2019 to Mar 2021 when he was the First Vice Minister of Korea’s Ministry of Economy and Finance, Kim promoted the maintenance and taxation of cryptocurrency exchanges.

His move from TradFi to blockchain has been met with messages of encouragement. Kim thanked his supporters, saying: “It gives me great strength after finding an unfamiliar path. I’ll learn from the youngsters and do my best.”

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