South Korea plans to require stablecoin issuers to be majority-controlled by banks, with a minimum paid-in capital of at least 5 billion KRW

BlockBeats News, January 8, South Korea's plan to allow banks to issue won-backed stablecoins has faced opposition from lawmakers, highlighting divisions between the ruling Democratic Party, financial regulators, and the central bank. Currently, the Financial Services Commission (FSC) has shifted its stance to support the Bank of Korea's (BOK) proposal, which restricts the issuance of stablecoins to consortia led by banks holding majority control. According to the proposed amendment, stablecoins can be issued by consortia in which banks hold a majority stake, but banks must maintain overall majority control (over 50% equity). Technology companies may become the single largest shareholder, but their shareholding must still be lower than the banks' total holdings.

The proposal will impose stricter requirements on cryptocurrency trading platforms, such as higher IT stability standards, mandatory compensation for losses caused by hacking attacks, and fines of up to 10% of annual revenue. Stablecoin issuers will be required to have at least 5 billion won (3.7 million USD) in paid-in capital, and regulators may raise this threshold as the market develops.