The Bank of Korea plans to tighten regulation of won-based stablecoins
South Korea has once again decided to bring order to the cryptocurrency realm, and this time stablecoins pegged to the won are under scrutiny. The Bank of Korea has announced its intention to tighten regulation of these digital assets to prevent potential financial risks and ensure the stability of the national economy.
Authorities are concerned that stablecoins, especially those not backed by real reserves, may become a source of volatility and a threat to the country's financial system. New regulations are set to be implemented, requiring stablecoin issuers to adhere to strict reserve and reporting requirements.
This move is part of a broader strategy by South Korea to regulate the rapidly evolving cryptocurrency market, which is attracting increasing attention from investors and regulators worldwide. Authorities hope that the new measures will help create a more transparent and secure environment for all market participants.
