[Coin World] There are new developments regarding stablecoins in South Korea. The lawmakers have finalized a plan: banks must take the majority to control risks, but they also leave a ticket for tech companies to get on board. This trap is written into the “Digital Asset Basic Law,” which is likely to be implemented in January next year.
The bill details how to allocate reserves, how to issue coins, and who will oversee the process. It not only regulates local KRW stablecoins but also encompasses international players like USDT and USDC.
The officials are quite anxious - if we delay any longer, we will really fall behind. The US, EU, and Japan will tighten regulations by 2025, and South Korea needs to catch up with the pace.
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RooftopReserver
· 12-01 07:49
Bank-led? Here we go again... USDT still has to obediently listen to Korea, laughing to death.
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StakeTillRetire
· 12-01 07:46
Bank-led? Isn't this just the trap that TradFi wants to take over stablecoins, while trying to fool us into thinking it's for risk control, haha.
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DegenWhisperer
· 12-01 07:41
Bank-led? Here comes the trap again, the regulation is getting tighter.
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FUD_Vaccinated
· 12-01 07:38
Bank-dominated? Now USDT has to obey, but this move by South Korea is quite interesting... Technology companies will take a share, but how much say do they really have?
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SmartContractRebel
· 12-01 07:37
The bank has raised the threshold again, and now USDT has to obediently comply... Just thinking about it makes me feel anxious.
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SchroedingerGas
· 12-01 07:31
The bank is leading this trap, it's just another excuse of "I'll help you manage your money"; the tech companies are just there to tag along.
New regulations for stablecoins in South Korea will take effect next year, with a bank-led model defining global players like USDT.
[Coin World] There are new developments regarding stablecoins in South Korea. The lawmakers have finalized a plan: banks must take the majority to control risks, but they also leave a ticket for tech companies to get on board. This trap is written into the “Digital Asset Basic Law,” which is likely to be implemented in January next year.
The bill details how to allocate reserves, how to issue coins, and who will oversee the process. It not only regulates local KRW stablecoins but also encompasses international players like USDT and USDC.
The officials are quite anxious - if we delay any longer, we will really fall behind. The US, EU, and Japan will tighten regulations by 2025, and South Korea needs to catch up with the pace.