South Korea Considers Granting Stablecoin Issuance Rights to Consortiums

According to PANews, South Korea's National Policy Planning Committee is contemplating granting the authority to issue Korean won stablecoins to consortiums composed of banks and non-bank institutions. The Financial Stability Agreement will oversee the regulation and licensing of this initiative. This move aims to combine the stability of banks with the innovation of fintech companies. The relevant legislation is expected to be advanced by the Financial Services Commission in October.