South Korea’s plan for stablecoin regulation includes bank control and minimum capital requirements

South Korea’s Financial Services Commission now supports requiring stablecoin issuers to be controlled by banks and possess a minimum paid-up capital of 5 billion won, leading to new regulations in the crypto sector.

Lawmakers will establish a special task force for alternative legislation to address concerns over the proposed stablecoin regulation, emphasizing tighter controls and accountability in the cryptocurrency space.