South Korea's Financial Services Committee Backs Central Bank's Stablecoin Regulation Proposal

According to ChainCatcher, South Korea's Financial Services Committee (FSC) has shifted its stance to support the Bank of Korea's (BOK) proposal for stablecoin regulation. The proposal mandates that stablecoins be issued by bank-led consortia, with banks holding more than 50% of the shares to maintain control. While technology companies can be the largest single shareholder, their shareholding must remain below the total held by banks. However, this plan faces opposition in the National Assembly from lawmakers, including those from the ruling Democratic Party, highlighting divisions between the ruling party, financial regulators, and the central bank. The proposal also imposes stricter requirements on cryptocurrency exchanges, such as higher IT stability standards, mandatory compensation for hacking losses, and fines of up to 10% of annual revenue.