New Bills in South Korea Propose Capital Requirements for Stablecoin Issuers
- South Korea is accelerating efforts to regulate stablecoins, with new capital requirements under discussion.
- Two proposed bills would require issuers to maintain a minimum capital of 500 million to 1 billion won.
- Authorities are aligning South Korea’s approach with international standards set by the U.S., EU, and Japan.
South Korea is tightening its focus on stablecoin regulation. Yesterday, the National Planning Committee summoned financial regulators to assess current oversight and propose measures that reduce risks for consumers and the broader economy.
Authorities Review Stablecoin Capital Requirements
In the latest meeting, the State Planning Commission’s virtual asset task force received updates from financial regulators on the growing stablecoin market.
Related: The Biggest Banks in South Korea Team Up to Create a New Crypto
According to Maeil Business, officials discussed raising the bar for market entry by setting more specific capital requirements for issuers.
Currently, two draft bills are under consideration. One, introduced by Democratic Party lawmaker Min Byung-duk, proposes a minimum capital requirement of 500 million won (abou…
The post New Bills in South Korea Propose Capital Requirements for Stablecoin Issuers appeared first on Coin Edition.
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New Bills in South Korea Propose Capital Requirements for Stablecoin Issuers
- South Korea is accelerating efforts to regulate stablecoins, with new capital requirements under discussion.
- Two proposed bills would require issuers to maintain a minimum capital of 500 million to 1 billion won.
- Authorities are aligning South Korea’s approach with international standards set by the U.S., EU, and Japan.
South Korea is tightening its focus on stablecoin regulation. Yesterday, the National Planning Committee summoned financial regulators to assess current oversight and propose measures that reduce risks for consumers and the broader economy.
Authorities Review Stablecoin Capital Requirements
In the latest meeting, the State Planning Commission’s virtual asset task force received updates from financial regulators on the growing stablecoin market.
Related: The Biggest Banks in South Korea Team Up to Create a New Crypto
According to Maeil Business, officials discussed raising the bar for market entry by setting more specific capital requirements for issuers.
Currently, two draft bills are under consideration. One, introduced by Democratic Party lawmaker Min Byung-duk, proposes a minimum capital requirement of 500 million won (abou…
The post New Bills in South Korea Propose Capital Requirements for Stablecoin Issuers appeared first on Coin Edition.
Read More
China’s Answer to the Digital Dollar: A New Push for a Yuan-Backed Stablecoin