South Korea is advancing the legislation of the "Basic Law on Digital Assets," and the regulatory direction is becoming increasingly clear—the issuance threshold for stablecoins may be set quite high.

What is the most heated proposal currently being discussed? Banks must hold more than 51% of the shares to obtain the issuance qualification for stablecoins. In other words, this essentially hands over the issuance rights to a consortium led by traditional financial institutions.

This design concept is quite clear: the regulators want to add a layer of "safety cushion" to stablecoins through the capital strength and risk control system of banks. However, for the native teams in the crypto industry, this threshold is almost equivalent to a direct rejection of their entry.

Will this approach from South Korea become a reference template for other countries? At least in the Asian market, a similar "bank-led" logic may become increasingly common.