South Korea's stablecoin policy is undergoing an adjustment. The Financial Services Commission(FSC) has changed its previous stance and now supports the central bank's plan — the issuance rights of stablecoins must be held by an alliance led by banks with majority control.

What does this mean? While tech companies can participate and even become the largest shareholders, the prerequisite is that banks always maintain overall majority control. In other words, the final say still belongs to traditional finance.

Regulators have also set strict thresholds for issuers — paid-in capital must reach 5 billion KRW (approximately $3.7 million). This figure may not seem particularly high, but regulatory authorities have explicitly stated that this standard will be raised as the market develops.

Requirements for cryptocurrency exchanges have also become more stringent. Standards for IT stability need to be improved, losses caused by hacking must be compensated forcibly, and violations can result in fines up to 10% of annual revenue. These combined provisions effectively increase the operational costs and risk thresholds for the entire industry.

Currently, there are differing voices within the parliament. It is expected that lawmakers will establish a dedicated working group to propose alternative legislative ideas for these plans. The game is still ongoing.