CoinVoice has recently learned that, according to a report from the Korean News Agency, Lee Ik-yeon, Chairman of the Financial Services Commission of South Korea, stated during a National Assembly audit that, in principle, payment-type stablecoins are not allowed to generate interest payments due to holding or usage.

Lee Ik-yeon mentioned that South Korea will follow the relevant principles of the U.S. 'Genius Act' to prohibit such actions. Additionally, he stated that the country will explore a bank-led alliance model, restricting financial technology companies to act only as technical partners and prohibiting virtual asset exchanges from issuing stablecoins on their own.

Regarding the second phase of the virtual asset legislation, he confirmed that it will be submitted within the year and is currently in the final coordination stage. He also mentioned the overseas demand potential for stablecoins in areas such as virtual asset trading, payment settlement, and cross-border remittances, planning to expand applications and prepare relevant work in advance.[Original link]