South Korea's stablecoin issuance plan has recently become a focal point. The Financial Services Commission has changed its stance and now supports the restrictive proposal put forward by the Bank of Korea — stablecoins can only be issued by conglomerates controlled by banks.

It sounds very strict, but the details are key. According to the upcoming amended bill submitted to Congress, banks must maintain majority control, ensuring the stability of the financial system. However, this does not completely exclude tech companies — they can become the single largest shareholders as long as their shares do not exceed those of the banks.

This balanced approach protects the voice of traditional finance while also allowing space for technological innovation. In addition, the bill imposes stricter IT security and risk control requirements on cryptocurrency exchanges. The entire plan reflects the regulators' efforts to promote the standardization of the stablecoin market while also trying to find a cooperative space between financial institutions and tech companies.