South Korea plans to require stablecoin issuers to be controlled by banks and have a minimum paid-up capital of 5 billion won.
PANews reported on January 8th that, according to Techinasia, South Korea's plan to allow banks to issue stablecoins denominated in the won has met with resistance from lawmakers, highlighting the divisions between the country's ruling party, financial regulators, and the central bank. The Financial Services Commission (FSC) has shifted its stance and now supports a proposal from the Bank of Korea to restrict the issuance of stablecoins to a consortium dominated by banks with majority control.
According to the proposed amendments submitted to the South Korean National Assembly, stablecoins can be issued by consortia majority-owned by banks, but technology companies can become the largest single shareholder as long as banks maintain overall majority control. The proposal will also impose stricter requirements on cryptocurrency exchanges, such as raising standards for information technology stability, mandating compensation for losses caused by hacking, and imposing fines of up to 10% of annual revenue. Stablecoin issuers will need at least 5 billion won (approximately US$3.7 million) in paid-up capital; regulators may raise this threshold as the market develops. As the debate continues, lawmakers are expected to form a special task force to propose alternative legislation.
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