Kaia Chair Criticizes Bank-Led Stablecoin Rollout in South Korea

Dr. Sangmin Seo, the chair of the Kaia DLT Foundation, has criticized the Bank of Korea’s proposed approach to stablecoin regulation in South Korea. In a report released on Monday, the BOK argues that local banks should be responsible for issuing won-denominated stablecoins due to their existing regulatory framework and strict financial controls. However, Seo disagrees, suggesting clear rules for all stablecoin issuers would foster innovation and mitigate monetary risks. He proposes establishing guidelines that ensure trustworthiness while allowing both banking and non-banking institutions to compete effectively.