According to news on April 27, the Bank of Korea stated in the "Payment and Settlement Report 2022" released today: "Regulatory authorities are responsible for the basic supervision of encrypted assets, and the central bank needs to be involved in the supervision of stablecoins, which are very likely to be used as a means of payment. play an active role.”
The Bank of Korea believes that when South Korea introduces regulations related to encrypted assets, it is also necessary to consider a plan to introduce additional regulation on stablecoins, including regulating and restricting financial integrity, disclosure, risk management, and internal control. In addition, the Bank of Korea emphasized the need to formulate detailed reserve asset conditions or user protection plans. For overseas stablecoins traded in South Korea, the Bank of Korea is considering applying them to laws such as the country’s Foreign Exchange Transactions Act.
In addition, for stablecoins that are judged to have an important impact on the financial system, the Bank of Korea has proposed a plan to regulate such stablecoins under the Bank of Korea Act. The criteria for judging such stablecoins will comprehensively consider the number of holders, reserves Asset value, remittance frequency and amount, payment scope, etc. (Seoul Economic Daily)
The Bank of Korea believes that when South Korea introduces regulations related to encrypted assets, it is also necessary to consider a plan to introduce additional regulation on stablecoins, including regulating and restricting financial integrity, disclosure, risk management, and internal control. In addition, the Bank of Korea emphasized the need to formulate detailed reserve asset conditions or user protection plans. For overseas stablecoins traded in South Korea, the Bank of Korea is considering applying them to laws such as the country’s Foreign Exchange Transactions Act.
In addition, for stablecoins that are judged to have an important impact on the financial system, the Bank of Korea has proposed a plan to regulate such stablecoins under the Bank of Korea Act. The criteria for judging such stablecoins will comprehensively consider the number of holders, reserves Asset value, remittance frequency and amount, payment scope, etc. (Seoul Economic Daily)