According to the local Korean media MoneyToday, South Korean ruling party lawmaker Park Min-kyu revealed today (18th) at a stablecoin-related discussion conference that he has received a report from the Financial Services Commission (FSC), which anticipates submitting a stablecoin regulatory bill to the National Assembly in October this year.
The report indicates that this bill will clearly define requirements for stablecoin issuance, collateral management, and internal risk control systems, and is planned to be included in the second phase of South Korea's Virtual Asset User Protection Act.
Maintaining Monetary Sovereignty in the Digital Age
Previously, South Korea's new president Lee Jae Myung promised to create a vibrant stablecoin market pegged to the local fiat currency, with the goal of strengthening South Korea's monetary sovereignty in the digital financial era. In response to this policy, local banks and payment companies have begun actively applying for stablecoin trademarks and preparing to launch related digital currency services.
At today's stablecoin discussion conference, representatives from South Korea's largest internet companies Naver and Kakao, as well as major local banks, discussed the future development of South Korean stablecoins, with some participants calling for the payment and banking sectors to establish a collaborative network to promote innovation and ensure interoperability between systems.
Additionally, South Korea's four major banks: KB Kookmin, Woori, Shinhan, and Hana, are planning to meet with Circle's president Heath Tarbert, the issuer of the US dollar stablecoin USDC. Heath Tarbert will visit South Korea next week, and it is speculated that this meeting could open a new chapter for international cooperation in South Korea's stablecoin market.
However, it is worth noting that the South Korean central bank remains cautious. Bank of Korea Governor Lee Chang-yong stated last month that the issuance of won-pegged stablecoins should be restricted to licensed banking institutions to avoid irresponsible approvals that could disrupt South Korea's strict foreign exchange policies. He emphasized that the development of the stablecoin market must be cautious to ensure financial stability.
Japan Approves Stablecoin JPYC for Autumn Launch
It is worth mentioning that, according to an earlier report by Block Today, the Japanese Financial Services Agency (FSA) has approved the official launch of the domestic yen stablecoin JPYC this autumn, potentially disrupting the global market still dominated by US dollar stablecoins.
JPYC Inc. representative Okabe also emphasized the new bond buying momentum on the X platform, citing the US experience:
"Top stablecoin issuers are already important buyers of US Treasury bonds. If Japan follows suit, it is expected to lower yields and reduce government financing costs."
