PANews reported on October 20 that according to Yonhap News Agency, Lee E-won, chairman of the Financial Services Commission of South Korea, stated in the National Assembly's national policy inspection on October 20 that in principle, payment-type stablecoins are not allowed to generate interest payments due to holding or use. Lee Yi-yuan stated that South Korea will follow the principles of the US Genius Act and prohibit such practices. He also stated that South Korea will explore a bank-led alliance model, restricting fintech companies to technology partnerships only, and prohibiting virtual asset exchanges from independently issuing stablecoins. Regarding the second phase of the virtual asset bill, he confirmed that it will be submitted this year and is currently in the final coordination stage. He also noted the potential overseas demand for stablecoins in areas such as virtual asset trading, payment settlement, and cross-border remittances, and plans to expand their application and prepare for related work in advance.PANews reported on October 20 that according to Yonhap News Agency, Lee E-won, chairman of the Financial Services Commission of South Korea, stated in the National Assembly's national policy inspection on October 20 that in principle, payment-type stablecoins are not allowed to generate interest payments due to holding or use. Lee Yi-yuan stated that South Korea will follow the principles of the US Genius Act and prohibit such practices. He also stated that South Korea will explore a bank-led alliance model, restricting fintech companies to technology partnerships only, and prohibiting virtual asset exchanges from independently issuing stablecoins. Regarding the second phase of the virtual asset bill, he confirmed that it will be submitted this year and is currently in the final coordination stage. He also noted the potential overseas demand for stablecoins in areas such as virtual asset trading, payment settlement, and cross-border remittances, and plans to expand their application and prepare for related work in advance.
South Korea's Financial Services Commission plans to ban stablecoin interest payments and submit relevant bill this year
PANews reported on October 20 that according to Yonhap News Agency, Lee E-won, chairman of the Financial Services Commission of South Korea, stated in the National Assembly's national policy inspection on October 20 that in principle, payment-type stablecoins are not allowed to generate interest payments due to holding or use.
Lee Yi-yuan stated that South Korea will follow the principles of the US Genius Act and prohibit such practices. He also stated that South Korea will explore a bank-led alliance model, restricting fintech companies to technology partnerships only, and prohibiting virtual asset exchanges from independently issuing stablecoins. Regarding the second phase of the virtual asset bill, he confirmed that it will be submitted this year and is currently in the final coordination stage. He also noted the potential overseas demand for stablecoins in areas such as virtual asset trading, payment settlement, and cross-border remittances, and plans to expand their application and prepare for related work in advance.
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