State Affairs Planning Committee to Grant Korean-won Stablecoin Issuance Authority to Bank–Nonbank Consortium

Attention is focused on whether the issuer of the Korean-won stablecoin (a virtual asset pegged to fiat currency) will be concretely defined. The State Affairs Planning Committee is reportedly preparing a plan to designate the issuer of the Korean-won stablecoin as a consortium in which banks and non-banks participate together.

According to industry sources on the 8th (Korean time), the State Affairs Planning Committee is designing the Korean-won stablecoin issuance structure in a way that reflects both banks' safety and fintech companies' innovation.

Earlier, the State Affairs Planning Committee stated 'establishing a digital asset ecosystem' in its announcement of the five-year national governance plan.

They are considering granting issuance licensing and management/supervisory authority not to the Financial Services Commission but to the 'Financial Safety Council', which includes the Ministry of Economy and Finance, the Bank of Korea, the Financial Supervisory Commission, the Financial Supervisory Service, and the Korea Deposit Insurance Corporation. The government plans to elevate the council to a legal body under the Prime Minister to serve as a 'control tower' that can efficiently coordinate conflicts between agencies.