The South Korean Financial Services Commission plans to ban interest payments on stablecoins and will submit the relevant bill within the year.
ChainCatcher news, according to Yonhap News Agency, Lee Bok-hyun, Chairman of the Financial Services Commission of South Korea, stated during the National Assembly's state audit that, in principle, payment-type stablecoins are not allowed to generate interest payments from holding or usage.
Lee Bok-hyun mentioned that South Korea will follow the relevant principles of the US "Genius Act" to prohibit such practices. In addition, he said that a consortium model led by banks will be explored, restricting fintech companies to act only as technology partners, and prohibiting virtual asset exchanges from issuing stablecoins on their own. Regarding the second phase of virtual asset legislation, he confirmed that it will be submitted within the year and is currently in the final coordination stage. He also mentioned the overseas demand potential for stablecoins in areas such as virtual asset trading, payment settlement, and cross-border remittances, and plans to expand applications and prepare related work in advance.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
A key leap toward the internationalization of the Korean won: The Bank of Korea launches a trial run of its 24/7 international settlement system, with full deployment set for January next year.
The Bank of Korea officially launched the trial operation of the "BOK Won International Payment Network" on Monday local time.
Offshore oil and gas module equipment company VME (VME.US) aiming for Nasdaq listing, plans to raise up to 30 million USD
Offshore oil and gas process module and separation equipment company VME Companies has applied for an IPO on Nasdaq, aiming to raise up to $30 million, with Kingswood as the sole bookrunner.
Hypertension drug developer Retension (RTSN.US) applies for US listing, plans to raise $58 million.
U.S. hypertension drug developer Retension Pharmaceuticals filed documents with the SEC last Friday, planning to raise up to $58 million through an initial public offering (IPO).
Pfizer (PFE.US) overseas price increase gains to be shared with the U.S. government: "Most Favored Nation" contract revealed, over twenty transactions still confidential
According to reports, under a new contract with the U.S. Department of Health and Human Services, Pfizer will share higher overseas drug revenues with the United States.
Crypto prices
More
