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"Won-denominated stablecoin expected to be allowed starting with bank-majority consortium…Tech firms may participate as largest shareholders"
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- The government said it plans to allow issuance of won-denominated stablecoins starting with consortia in which banks hold a majority stake.
- Tech companies may participate as the largest shareholders, but for financial stability, banks are required to hold 50%+1 share or more.
- It said that while maintaining a bank-centered shareholding structure, tech companies' participation in consortia will be possible, and changes in industry structure are expected.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
The government is said to plan to allow issuance of won-denominated stablecoins starting with consortia in which banks hold a majority stake. Considering financial stability, banks are required to hold 50%+1 share or more, while the structure allows tech companies to hold the largest stake and participate in operations.
According to industry sources on the 5th, the Financial Services Commission recently prepared a plan to allow bank-centered consortia as stablecoin issuers and reported it to the National Assembly's Political Affairs Committee. In the early stages of stablecoin introduction, only consortia in which banks hold a majority stake will be allowed, but the plan includes recognizing the status of tech companies as the largest shareholders.
Accordingly, while maintaining a bank-centered shareholding structure, it is expected that consortia in which tech companies participate as the largest shareholders will also be possible.
