South Korea Considers New Rules Giving Banks Control of Stablecoins

asiae.co.kr

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Ryu Hong-ryeol, CEO of BDACS, argued that restricting eligibility for issuing Korean Won stablecoins to banks could keep technological innovation by fintech companies outside the regulatory framework, and therefore, issuance should also be permitted for non-bank operators that meet certain requirements. He asserted that approval should be determined based on substantive operational capabilities, such as reserve asset management and independent v…