A new report out of Korea says the Bank of Korea (BOK) has proposed the creation of a multi department body to provide policy input for stablecoins. It even gave a nod to the US GENIUS Act’s Stablecoin Certification Review Committee, which consists of the FDIC, the Federal Reserve and the Treasury.
“A pan-governmental regulatory response is necessary,” the BOK stated, according to the Korea Herald. “A policy body consisting of relevant authorities should be considered.” This is part of a submission to the policy planning committee.
A month ago, Korea’s new government proposed legislation that handed oversight over stablecoins to the Financial Services Commission (FSC) rather than the Bank of Korea. A second complementary draft legislation proposes a role for the central bank requiring the FSC to take the central bank’s concerns into account. Given that the two documents conflict on this and other related matters, including stablecoin capital requirements, it’s unclear which one will take precedence.
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