South Korea stablecoin framework stalls as regulators split over banks’ role
NegativeCryptocurrency
- South Korea's efforts to establish a stablecoin framework have encountered significant delays as regulators and the Bank of Korea disagree on the role of banks in issuing won-backed stablecoins. This disagreement has stalled the implementation of a long-anticipated regulatory framework that was expected to be finalized this year.
- The stalling of the stablecoin framework is critical as it reflects ongoing tensions between regulatory bodies and financial institutions in South Korea, potentially impacting the country's position in the rapidly evolving cryptocurrency market.
- This situation highlights broader challenges within South Korea's cryptocurrency landscape, including recent sanctions against exchanges for anti-money laundering compliance failures, indicating a tightening regulatory environment that could affect investor confidence and market dynamics.
— via World Pulse Now AI Editorial System