South Korea plans to require stablecoin issuers to be controlled by banks and have a minimum paid-up capital of 5 billion won.

South Korea's plan to allow banks to issue won-denominated stablecoins has met with resistance from lawmakers, highlighting the divisions between the country's ruling party, financial regulators, and the central bank. The Financial Services Commission (FSC) has shifted its stance and now supports a proposal from the Bank of Korea to restrict stablecoin issuance to a consortium dominated by banks with majority control.