South Korea Faces Roadblocks in Stablecoin Regulation
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BTCCSquare news:
South Korea's efforts to establish a regulatory framework for stablecoins have hit a snag, with the Bank of Korea (BOK) and financial regulators at an impasse over the role of banks in issuance. The central bank insists that banks must hold a majority stake in any stablecoin issuer, citing concerns over financial stability and compliance risks.
Tech giants like Naver continue to advance their stablecoin projects despite the regulatory delays. Lawmakers are reviewing proposed bills, but the standoff has pushed the expected rollout of regulations beyond the initial 2025 target.
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