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South Korea Requires Banks to Hold Majority Stake for Stablecoin Issuance, Legislators Oppose and Propose Alternative Plan
Summary: According to reports, the Financial Services Commission (FSC) of South Korea has shifted its stance to support the Bank of Korea's (BOK) stablecoin regulation proposal. The proposal mandates that stablecoins must be issued by a consortium led by banks, with banks collectively holding over 50% of the shares to maintain control. While tech companies can ...
According to reports, the Financial Services Commission (FSC) of South Korea has shifted its stance to support the Bank of Korea's (BOK) stablecoin regulation proposal. The proposal mandates that stablecoins must be issued by a consortium led by banks, with banks collectively holding over 50% of the shares to maintain control. While tech companies can be the single largest shareholder, their ownership percentage must still be lower than the overall bank holdings. However, this plan faces opposition from legislators in the National Assembly, highlighting the differences between the ruling Democratic Party, financial regulatory agencies, and the central bank. The proposal also imposes stricter requirements on cryptocurrency exchanges, including higher IT stability standards, mandatory compensation for hacker losses, and fines of up to 10% of annual revenue.
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Link: South Korea Requires Banks to Hold Majority Stake for Stablecoin Issuance, Legislators Oppose and Propose Alternative Plan [Copy]
