South Korea
Digital Asset
National Assembly report: Banks get first shot at stablecoins, non-banks need 50 billion won in capital
- The report, titled "Policy Research on Institutionalizing Stablecoin Payment and Settlement and Differentiating It from Traditional Payment Methods," was submitted to the National Assembly's Financial Services Committee on September 30.
- Researchers propose a phased approach: banks would be allowed to issue stablecoins first, with non-bank entities like big tech and fintech companies permitted to enter later.
- For non-bank issuers, the report suggests a minimum equity capital requirement of 50 billion won, ten times the 5 billion won ceiling proposed in currently pending legislation.