JPYC, the first Japanese-regulated stablecoin, has announced a collaboration with Korea’s ITCEN GLOBAL for stablecoin research. They will explore the future development of “Japan-Korea stablecoins”.
ITCEN is a listed IT firm with strong digital asset experience. It led the consortium that founded the Busan Digital Asset Exchange, now referred to as Bdan. The IT firm is also collaborating with South Korean search engine Naver, which is planning to roll out a stablecoin wallet in Busan.
While Japan has established stablecoin legislation, Korea’s is a work in progress. The Korean government is hopeful that a draft regulation might be agreed this year, with one of the current sticking points being the Bank of Korea’s insistence that banks control 51% of any stablecoin issuer. The central bank’s motivations include financial stability and the ability to monitor currency flows.
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