Lee E-won, Chairman of the Financial Services Commission of South Korea, stated during a parliamentary inspection on October 20th that, in principle, payment-type stablecoins will not be allowed to generate interest payments for holding or using them. Lee stated that South Korea will follow the principles of the US Genius Act and explore a bank-led consortium model, restricting fintech companies to only technical partners and prohibiting virtual asset exchanges from independently issuing stablecoins. He also confirmed that the second phase of legislation on virtual asset regulation will be submitted this year and is currently in the final coordination stage. Lee also mentioned that stablecoins have high overseas demand potential in areas such as virtual asset trading, payment settlement, and cross-border remittances, and plans to plan related applications in advance. (Yonhap News Agency)