South Korean regulators consider allowing tech giants to issue their own stablecoins

ChainCatcher news, according to DL News, South Korean regulators are considering allowing tech giants to issue their own stablecoins.

Unnamed industry insiders stated that the Financial Services Commission (FSC) of South Korea is seriously considering a proposal that would allow companies outside the financial sector to issue stablecoins. Some industry participants are concerned about this. They believe that allowing technologically advanced large fintech companies to enter the stablecoin market could weaken the competitiveness of banks, leading to an information technology-driven competition between banks and tech giants. President Lee Jae-myung had promised before his election in June to open the South Korean stablecoin market to domestic participants, but his efforts to fulfill this promise have so far been blocked by the Bank of Korea, which opposes granting issuance rights to non-financial companies.