Park Sang-won, head of the Financial Security Institute "Will actively support safe stablecoin transactions"

Uk Jin

Summary

Park Sang-won, head of the Financial Security Institute, said he will actively support creating a safe trading environment for stablecoins.
It reported that the Hong Kong Monetary Authority's guideline regulates issuers' key obligations such as minimum capital requirements, reserve management, and risk management.
The Financial Security Institute emphasized that a strong security control system and an institutional foundation are necessary for stablecoins to become established as a major payment and settlement method.

Park Sang-won, head of the Financial Security Institute, said on the 16th, "We will actively support creating a safe stablecoin environment, including security verification."

The Financial Security Institute on the same day distributed a report analyzing the Hong Kong Monetary Authority's 'Guideline on the Supervision of Stablecoin Issuers'. The guideline stipulates the issuer's obligations such as △minimum capital requirements △reserve management △risk management.

In particular, the stablecoin security measures included token·wallet·private key management and account management, and it specified that, in the case of smart contracts, a qualified third party must perform vulnerability verification annually.

The Financial Security Institute emphasized, "For stablecoins to become a major payment and settlement method, a strong security control system is necessary along with an institutional foundation."