South Korean regulators consider allowing tech giants to issue their own stablecoins

According to DL News, South Korean regulators are considering allowing tech giants to issue their own stablecoins.

Unnamed industry insiders have stated that the Financial Services Commission (FSC) of South Korea is seriously considering a proposal that would allow companies outside the financial industry to issue stablecoins. Some industry insiders are concerned about this. They believe that allowing technologically advanced large fintech companies to enter the stablecoin market could undermine the competitiveness of banks, leading to a competition driven by information technology between banks and tech giants. President Lee Jae-myung had promised to open the South Korean stablecoin market to domestic participants before his election in June, but his efforts to fulfill this promise have so far been obstructed by the Bank of Korea, which opposes non-financial companies having the right to issue stablecoins.