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South Korea Plans to Require Stablecoin Issuers to be Bank-Controlled with a Minimum Paid-in Capital of KRW 5 Billion
BlockBeats News, January 8th, South Korea's plan to allow banks to issue a Korean won-backed stablecoin has faced opposition from lawmakers, highlighting the disagreement between the ruling Democratic Party, financial regulators, and the central bank. The South Korean Financial Services Commission (FSC) has now changed its stance to support the Bank of Korea's (BOK) proposal, which limits stablecoin issuance to a consortium led by a bank with a majority stake. According to the proposed amendment, stablecoins can be issued by a consortium where a bank holds a majority stake, but the bank must maintain overall majority control (50% or more ownership), allowing tech companies to be the largest single shareholder but with a stake lower than the bank's overall holding.
This proposal will impose stricter requirements on cryptocurrency exchanges, such as higher IT stability standards, mandatory compensation for losses from hack attacks, and fines of up to 10% of annual revenue. Stablecoin issuers will need a paid-in capital of at least 50 billion Korean won (about $3.7 million), a threshold that regulators may increase as the market evolves.
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