🚀 South Korea Considers Won-Based Stablecoin Amid Forex Concerns
#SouthKorea #Stablecoin #BankofKorea #Cryptocurrency #ForeignExchange #DigitalAssetBasicAct #Tether #USDC #EURC #FinancialServicesCommission #LeeJaeMyung
According to Cointelegraph, the Governor of the Bank of Korea, Rhee Chang-yong, has expressed openness to the idea of issuing a won-based stablecoin. However, he remains cautious about the potential challenges in managing the foreign exchange aspects of such a token. During a recent press conference, Rhee highlighted that a won-based stablecoin could simplify exchanges with dollar-backed stablecoins, potentially increasing demand for the latter and complicating foreign exchange management.
This development comes as South Korea's newly elected President, Lee Jae-myung, advances his agenda on cryptocurrency regulation, a key promise from his campaign. The country's foreign exchange reserves have been declining, with the Bank of Korea reporting a drop from $415.6 billion at the end of December to $404.6 billion by the end of May, marking an $11 billion decrease over six months.
In a move to create a more favorable regulatory environment, President Lee's Democratic Party introduced the Digital Asset Basic Act on June 10. This legislation would permit companies with a minimum equity capital of $368,000 to issue stablecoins, provided they maintain adequate reserves for refunds and obtain approval from the Financial Services Commission (FSC). The FSC is also investigating local exchanges regarding transaction fees, aligning with President Lee's commitment to reducing costs for young traders.
The stablecoin market is currently dominated by US dollar-backed tokens, with Tether (USDT) and Circle's USDC leading the space. However, Circle's euro-pegged stablecoin, EURC, is gaining momentum, with its market capitalization rising to $203 million, a 156% increase since the beginning of the year. Circle's stock experienced significant gains following indications from US lawmakers that the stablecoin-regulation GENIUS Act would likely pass in the House.#SouthKorea #Stablecoin #BankofKorea #Cryptocurrency #ForeignExchange #DigitalAssetBasicAct #Tether #USDC #EURC #FinancialServicesCommission #LeeJaeMyung
🚀 South Korean Parties Reach Agreement on Stablecoin Regulation Framework
#SouthKorea #StablecoinRegulation #DigitalAsset #Stablecoin #FinancialRegulation #Blockchain #Cryptocurrency #KoreanStyleStablecoin #DigitalAssetBasicAct #Legislation
According to ChainCatcher, South Korea's ruling and opposition parties have reached a significant agreement on a regulatory framework for stablecoins. The plan is to pass a comprehensive 'Digital Asset Basic Act' by January 2026. This legislation will establish a 'Korean-style stablecoin' alliance structure, requiring banks to hold at least 51% equity, while technology companies can participate as minority shareholders.
Democratic Party lawmaker Kang Jun-hyeon has set December 10 as the deadline for the government to submit its proposal. If financial authorities fail to meet this deadline, lawmakers will introduce an independent version of the bill.#SouthKorea #StablecoinRegulation #DigitalAsset #Stablecoin #FinancialRegulation #Blockchain #Cryptocurrency #KoreanStyleStablecoin #DigitalAssetBasicAct #Legislation
🚀 South Korea Plans to Reform Digital Asset Regulations
#SouthKorea #DigitalAssetRegulation #CryptoReform #FinancialRegulation #CryptoDerivatives #BankingPolicy #AntiMoneyLaundering #MarketCompetition #DigitalAssetBasicAct #RegulatoryRelaxation
South Korea is set to reform its digital asset regulatory framework, according to PANews. The country's financial authorities are planning to abolish the "one exchange-one bank" restriction, which will allow the issuance of crypto derivatives and corporate account participation in trading. This move aims to dismantle the current market monopoly structure and enhance liquidity.
Regulators believe that although this restriction is not legally mandated, it has persisted due to anti-money laundering requirements, limiting competition among exchanges and user choice. The upcoming policies will be included in the second phase of the Digital Asset Basic Act legislation. Both political parties in the National Assembly have reached a consensus on some aspects of regulatory relaxation.#SouthKorea #DigitalAssetRegulation #CryptoReform #FinancialRegulation #CryptoDerivatives #BankingPolicy #AntiMoneyLaundering #MarketCompetition #DigitalAssetBasicAct #RegulatoryRelaxation
🚀 South Korea to End Nine-Year Ban on ICOs with New Regulations
#SouthKorea #ICO #cryptocurrency #DigitalAssetBasicAct #regulations #investors #transparency #blockchain #financialregulations
South Korea is set to lift its nine-year prohibition on Initial Coin Offerings (ICOs) for corporations that fulfill specific criteria. According to NS3.AI, the government plans to mandate companies issuing coins to provide comprehensive project disclosure statements to financial regulators. This move aims to safeguard investors by ensuring transparency. The regulatory adjustments will be part of the forthcoming Digital Asset Basic Act, which will focus on issuer liability and systematic information disclosure rather than seeking approval.#SouthKorea #ICO #cryptocurrency #DigitalAssetBasicAct #regulations #investors #transparency #blockchain #financialregulations
🚀 Tether and Circle Expand Operations in South Korea Amid Regulatory Changes
#Tether #Circle #SouthKorea #DigitalAssets #Stablecoins #RegulatoryChanges #PersonnelChanges #DigitalAssetBasicAct #USDC
Tether and Circle are increasing their presence in South Korea by hiring new staff, following recent personnel shifts. According to NS3.AI, Circle has been enhancing its business activities in the region since the CEO's visit last year. These strategic moves appear to be in anticipation of the forthcoming South Korean Digital Asset Basic Act, which could mandate local branches for foreign stablecoin issuers distributing tokens in the market.#Tether #Circle #SouthKorea #DigitalAssets #Stablecoins #RegulatoryChanges #PersonnelChanges #DigitalAssetBasicAct #USDC
🚀 South Korea Delays Policy Meeting Amid Geopolitical Tensions
#SouthKorea #PolicyMeeting #GeopoliticalTensions #FinancialServices #StockMarket #ForexMarket #MarketStability #DigitalAssetBasicAct #CryptocurrencyExchanges
South Korea's Financial Services Commission and the ruling Democratic Party have postponed a policy meeting originally scheduled for March 5. According to NS3.AI, the delay is attributed to escalating geopolitical tensions in the Middle East, which have resulted in heightened volatility in stock and forex markets. Authorities are prioritizing market stability in light of these developments. The meeting was intended to review the 'Digital Asset Basic Act,' focusing on new regulations concerning major shareholder stakes in cryptocurrency exchanges.#SouthKorea #PolicyMeeting #GeopoliticalTensions #FinancialServices #StockMarket #ForexMarket #MarketStability #DigitalAssetBasicAct #CryptocurrencyExchanges
🚀 South Korea Proposes 34% Ownership Cap for Major Shareholders in Crypto Exchanges
#SouthKorea #cryptocurrency #ownershipcap #DigitalAssetBasicAct #cryptoexchanges #regulation #NS3AI
South Korea's ruling Democratic Party is set to introduce a new regulation under the forthcoming Digital Asset Basic Act, which will impose a 34% ownership cap for major shareholders in domestic cryptocurrency exchanges. According to NS3.AI, this cap will be applicable to both new and existing exchanges. The party plans to submit the bill for legislative approval following the final endorsement from a consultative body.#SouthKorea #cryptocurrency #ownershipcap #DigitalAssetBasicAct #cryptoexchanges #regulation #NS3AI
🚀 South Korea Delays Virtual Asset Bill Consultation Amid Middle East Conflict
#SouthKorea #VirtualAsset #BillConsultation #MiddleEastConflict #DigitalAsset #DemocraticParty #TaskForce #DigitalAssetBasicAct
South Korea has indefinitely postponed a planned consultation between the government and political parties regarding the second-phase virtual asset bill, originally scheduled for March 5. According to NS3.AI, the decision to delay the talks was influenced by the escalating conflict in the Middle East. Despite the postponement, the ruling Democratic Party's Digital Asset Task Force remains committed to introducing the Digital Asset Basic Act within this month.#SouthKorea #VirtualAsset #BillConsultation #MiddleEastConflict #DigitalAsset #DemocraticParty #TaskForce #DigitalAssetBasicAct
🚀 Viva Republica Plans Stablecoin Launch Amid Regulatory Developments in South Korea
#VivaRepublica #Stablecoin #TossPlatform #SouthKorea #DigitalAssetBasicAct #StablecoinFramework #TechAndFinance #NS3AI #ExchangeRateGlitch #TossBank #FinancialRegulations
Viva Republica has announced its intention to issue and distribute stablecoins through its Toss platform, which currently serves 30 million users. According to NS3.AI, this move aligns with South Korea's preparations for the Digital Asset Basic Act, as major tech and financial groups are gearing up for a new stablecoin framework. The announcement comes after a recent exchange-rate glitch at Toss Bank resulted in approximately $19.4 million in trades and prompted an on-site inspection.#VivaRepublica #Stablecoin #TossPlatform #SouthKorea #DigitalAssetBasicAct #StablecoinFramework #TechAndFinance #NS3AI #ExchangeRateGlitch #TossBank #FinancialRegulations
🚀 South Korea's Digital Asset Basic Act Faces Delays
#SouthKorea #DigitalAsset #Stablecoins #Delays #DigitalAssetBasicAct #DemocraticParty #NationalPolicyCommittee #TaskForce #GovernmentConsultations
South Korea's Digital Asset Basic Act, which encompasses regulations for stablecoins, is facing delays and is unlikely to be passed in the first half of this year. According to NS3.AI, the ruling Democratic Party has not included the bill in the agenda for the National Policy Committee subcommittee meetings scheduled for March 31 or in the upcoming session next month. Additionally, Kang Jun-hyeon noted that no dates have been established for meetings of the digital asset task force or consultations between the party and the government.#SouthKorea #DigitalAsset #Stablecoins #Delays #DigitalAssetBasicAct #DemocraticParty #NationalPolicyCommittee #TaskForce #GovernmentConsultations
🚀 South Korea to Expedite Stablecoin Legislation Amid Tax Review
#SouthKorea #Stablecoin #Legislation #FinancialServicesCommission #TaxReview #DigitalAssetBasicAct #IncomeTax #ValueAddedTax
South Korea's Financial Services Commission has announced plans to fast-track legislation concerning stablecoins. According to NS3.AI, the commission is also set to examine tax-related issues within the sector, focusing on income tax and value-added tax. Meanwhile, the broader Digital Asset Basic Act continues to face delays.#SouthKorea #Stablecoin #Legislation #FinancialServicesCommission #TaxReview #DigitalAssetBasicAct #IncomeTax #ValueAddedTax