Disagreement Over ‘51% Bank Ownership Rule’ for Korean Won Stablecoins... FSC States “No Final Decision” [Crypto Briefing]

[Financial News] As the government and ruling party move toward requiring a consortium in which banks hold a 51% stake as the issuer of Korean won stablecoins, last-minute disagreements have emerged. There is strong opposition to the ‘51% Bank Ownership Rule’ advocated by the Bank of Korea (BOK), not only from financial authorities but also within the Democratic Party of Korea (DPK).
Kang Jun-hyeon, the ruling party secretary of the National Policy Committee, told reporters after a policy consultation with the Financial Services Commission (FSC) at the National Assembly of the Republic of Korea on the 1st, “The main issue is determining the issuer of Korean won stablecoins, but it seems that the FSC, BOK, and the banks have reached a certain level of coordination.”
However, it was reported that during the closed-door consultation, opposition to the ‘51% Bank Ownership Rule’ was even stronger. Previously, the BOK had expressed, through its own ‘Stablecoin White Paper’ and other publications, that Korean won stablecoins should be issued primarily by banks to ensure financial stability. On the other hand, there is a strong counterargument that adopting a capital market-based model is necessary to remain competitive with dollar stablecoins such as Tether (USDT) and USD Coin (USDC). Critics argue that a bank-based stablecoin ecosystem has clear structural limitations.
Meanwhile, the final legislative proposal from the FSC, which is discussing the government’s plan with Kang Jun-hyeon’s office, has been delayed. Kang stated, “The government needs to provide the framework of its bill quickly so that the National Assembly can begin discussions,” and added, “We have requested that the proposal be submitted by the 10th.” He further emphasized, “If it is not shared, the secretary will take the lead in legislating at the National Assembly.”
In response, the FSC released a statement in the afternoon, saying, “Through party-government consultations, we discussed various aspects of the direction for the General Act on Digital Assets and agreed to promptly prepare a government proposal to support legislative discussions in the National Assembly.” However, regarding stablecoin issuers, the statement clarified, “No concrete decision has been made on allowing a ‘consortium’ with more than 51% bank ownership.”

elikim@fnnews.com Kim Mi-hee, Lim Sang-hyuk Reporter