South Korea go make banks lead di issue of won stablecoin under consortium model

South Korea lawmakers don agree for bank-led consortium model for KRW-denominated stablecoins, settle months-long fight about who dey supervise dem. As per the agreement, banks go hold majority control of entities wey issue stablecoins while tech companies fit join as minority partners. The draft dey expand the existing Digital Asset Basic Act with detailed rules on reserves, issuance, licensing and supervision, and e clear how global stablecoins like USDT and USDC go dey treated. Lawmakers dey push government make dem submit formal bill by Dec 10 or dem go push their own proposal, target to pass the new digital asset act for National Assembly extra session in January. The package still include wider financial-security and capital-market reforms: tougher penalties and updated rules under the Electronic Financial Transactions Act after recent hacks, stronger anti-money-laundering oversight, and changes to tender-offer and share-allocation rules to protect retail investors. For traders: the framework reduce regulatory uncertainty for exchanges and issuers, likely limit non-bank-led stablecoin issuance, and align Korea’s stablecoin oversight more closely with traditional banking supervision — changes fit affect onshore stablecoin liquidity, product availability and counterparty risk for KRW pairs.