BOK: 'Allowing Stablecoin Issuance, Requires Unanimity Like the United States'

The Bank of Korea has proposed that the approval for non-banking institutions to issue won-based stablecoins (virtual assets pegged to legal tender) should require a unanimous decision by all relevant agencies.

According to industry sources on the 6th (Korean time), the Bank of Korea recently officially conveyed to the National Policy Planning Committee that consensus among related agencies, including the BOK itself, is necessary at the stage of authorizing the issuance of won-based stablecoins.

The BOK insisted, “A cross-ministerial regulatory response is needed,” and, “Consideration should be given to establishing a policy organization based on consensus among relevant ministries.”

As grounds for this argument, the BOK cited the Genius Act in the United States and its 'Stablecoin Certification and Review Committee' (SCRC). This independent committee is responsible for screening and certifying new stablecoins, with participation stipulated for the Department of the Treasury and the Fed.

Especially, when allowing listed companies providing non-financial services to issue stablecoins, unanimous consent of the Committee is required.

The BOK emphasized that even in the US, where there are no capital or FX regulations, such a 'gatekeeper' committee was formed to maintain the soundness and safety of the existing banking system.