South Korea Sets 5 Billion Won Capital Floor for Bank-Led Stablecoin Issuers

South Korea's Financial Services Commission endorsed the Bank of Korea's plan to restrict stablecoin issuance to bank-led consortia on Jan. 8, BlockBeats reports. The draft regulation requires banks to hold over 50% equity in issuing entities and sets a minimum paid-in capital of 5 billion won for issuers. The rules tighten exchange compliance with fines reaching up to 10% of annual revenue.