On July 19, the South Korean Ministry of Economy and Finance, in collaboration with the Financial Services Commission, the Bank of Korea, and the Financial Supervisory Service, officially released the "Roadmap for the Internationalization of the Korean Won." The goal is to transform the won from a controlled currency into a "freely convertible currency," enabling transactions unrestricted by time and location. Key measures include: building an "offshore won payment network" by the Bank of Korea based on the already initiated 24-hour foreign exchange market operations, allowing foreign financial institutions registered as offshore settlement institutions to complete deposits, remittances, and payments without opening a Korean account; significantly reducing the pre-reporting obligations for capital transactions in won among foreign investors; major loosening of foreign exchange controls, doubling the reporting thresholds for foreign loans in won and capital transactions, and transitioning towards a post-reporting system; and simplifying won account structures to enhance usability. In the digital finance sector, the South Korean government will establish rules for the issuance and circulation of won stablecoins based on the "Basic Law on Digital Assets," promote the Bank of Korea's projects using CBDC and tokenized government bonds, and participate in the Agora project led by the Bank for International Settlements to capture the digital international settlement market. Supporting measures will include pushing for inclusion in the MSCI developed markets index, expanding the range of collateral for government bonds and currency stabilization bonds, allowing bond lending transactions between foreign entities in international central securities depositories, and enhancing access for foreign investors to securities. On the trade front, the government will provide preferential financial interest rates and expanded trade insurance limits for companies settling in won, expand the direct currency trading system with major trading partners, promote cross-border QR payment connectivity, and develop the Asian multilateral payment network (Project Nexus) to create a won settlement channel that bypasses the dollar. In terms of liquidity, a private overnight won supply mechanism will be established, with the government and central bank providing support when necessary. Restrictions on won financing for foreign financial institutions will also be relaxed, and domestic banks will institutionalize custodial services. The government stated that the internationalization of the won will promote capital market development, reduce corporate foreign exchange hedging costs, and enhance foreign exchange market stability, while also upgrading foreign exchange stability policies and macroprudential management systems to address volatility risks.