The Bank of Korea (BOK) has urged lawmakers to undertake a bank-led mannequin for stablecoin issuance forward of the upcoming regulatory framework, warning that Korean Won (KRW)-pegged tokens might “repeat previous financial failures.” BOK Raises Financial Stability Concerns On Monday, the Bank of Korea launched a 140-page report warning that stablecoins might unlock new prospects…
South Korea is taking a major step toward stablecoin oversight and digital currency development. According to a July 29 report from Yonhap News, the Bank of Korea has announced the installation of a new virtual asset division within its Financial Settlement Bureau. The newly formed division will monitor the broader crypto market and lead internal…
The Democratic Party of Korea (DPK) and the People Power Party (PPP) are reportedly clashing after introducing two bills to regulate stablecoins in South Korea’s National Assembly, with the two bills differing on a key matter. South Korean National Assembly Divided On Monday, South Korea’s ruling and opposition parties proposed rival bills to establish a…