The Bank of Korea should make clear rules for stablecoin issuers, allowing banks and non-banks to issue the tokens, says Kaia DLT Foundation chair Dr. Sangmin Seo. The Bank of Korea’s (BOK) push for the banking sector to lead the rollout of won-denominated stablecoins lacks logic, says Dr. Sangmin Seo, the chair of the Kaia DLT Foundation.In a report released on Monday, the central bank argued that banks are already subject to strict regulations, including capital, foreign exchange, and Anti-Money Laundering requirements, which could help minimize any risks associated with introducing stablecoins to the country.At the same time, the BOK wants a policy consultative body jointly made up of currency, foreign exchange, and financial authorities to decide on issuer eligibility, volumes and other key considerations.Read more The Bank of Korea should make clear rules for stablecoin issuers, allowing banks and non-banks to issue the tokens, says Kaia DLT Foundation chair Dr. Sangmin Seo. The Bank of Korea’s (BOK) push for the banking sector to lead the rollout of won-denominated stablecoins lacks logic, says Dr. Sangmin Seo, the chair of the Kaia DLT Foundation.In a report released on Monday, the central bank argued that banks are already subject to strict regulations, including capital, foreign exchange, and Anti-Money Laundering requirements, which could help minimize any risks associated with introducing stablecoins to the country.At the same time, the BOK wants a policy consultative body jointly made up of currency, foreign exchange, and financial authorities to decide on issuer eligibility, volumes and other key considerations.Read more
South Korea’s bank-first stablecoin approach lacks logic, says Kaia chair
The Bank of Korea should make clear rules for stablecoin issuers, allowing banks and non-banks to issue the tokens, says Kaia DLT Foundation chair Dr. Sangmin Seo.
The Bank of Korea’s (BOK) push for the banking sector to lead the rollout of won-denominated stablecoins lacks logic, says Dr. Sangmin Seo, the chair of the Kaia DLT Foundation.
In a report released on Monday, the central bank argued that banks are already subject to strict regulations, including capital, foreign exchange, and Anti-Money Laundering requirements, which could help minimize any risks associated with introducing stablecoins to the country.
At the same time, the BOK wants a policy consultative body jointly made up of currency, foreign exchange, and financial authorities to decide on issuer eligibility, volumes and other key considerations.
Read more
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