Wontae Sim is an attorney at Kim & Chang. He is a financial regulatory expert who has developed extensive experience in legal advisory, legislation, and government affairs through his tenure at financial institutions including the Financial Services Commission (“FSC”), the Korea Federation of Banks, and the Credit Finance Association of Korea.

Mr. Sim served as a Deputy Director at the FSC for approximately eight years, from 2019 to 2026, handling a broad range of capital markets and digital finance policies. In particular, he was responsible for virtual asset affairs for three years beginning in 2024. He led the enactment of the Enforcement Decree and the supervision and investigation regulations under the Virtual Asset User Protection Act (the “Phase 1 Act”). He was also in charge of preparing the government’s Phase 2 Act and the stablecoin regulatory framework, as well as managing the related National Assembly deliberations. He also accumulated wide-ranging experience across the virtual asset industry, responding to various market issues and establishing the Digital Asset Protection Foundation.

During his tenure at the Capital Markets Bureau of the FSC, he carried out initiatives to advance the capital markets, including abolishing the Foreign Investor ID system and improving dividend procedures for listed companies. He also gained broad experience in novel securities matters, including administering innovative financial services for fractional investment in real estate and music copyrights and establishing the regulatory framework for security token offerings (“STOs”).

In addition, he developed distinctive expertise in translating policy into legislation, taking charge of introducing the administrative surcharge system for unfair trading and the complete revision of the Asset-Backed Securitization Act.

Before joining the FSC, he worked at the Korea Federation of Banks and the Credit Finance Association of Korea, where he handled proposals for legislative amendments reflecting the needs of the banking and credit card sectors, responses to credit regulations such as household lending, and the introduction of self-regulatory review systems for terms and conditions and advertising.

Mr. Sim is a financial regulatory expert equipped to address regulation across the entire financial sector, from traditional banking and credit card practices to capital markets regulation and digital assets and stablecoins.

In recognition of these accomplishments and his contributions to the advancement of the financial system, he received a Commendation from the Chairman of the Financial Services Commission in 2023, and, for his outstanding training performance upon appointment as a Deputy Director, a Commendation from the President of the National Human Resources Development Institute in 2019.