According to Odaily Planet Daily, South Korea's Financial Services Commission Chairman Lee E-won stated during a National Assembly inspection on October 20 that, in principle, payment-type stablecoins that generate interest payments due to holding or using them will not be permitted. Lee noted that South Korea will adhere to the principles of the US Genius Act and explore a bank-led consortium model, restricting fintech companies to technology partnerships and prohibiting virtual asset exchanges from issuing their own stablecoins.

He also confirmed that the second phase of the bill for virtual asset regulation will be submitted this year and has entered the final coordination stage. Lee Yi-yuan also mentioned that stablecoins have high overseas demand potential in areas such as virtual asset trading, payment settlement, and cross-border remittances, and plans to plan related applications in advance. (Yonhap News Agency)