South Korea's Financial Services Commission (FSC) plans to prohibit interest payments on payment-type stablecoins, aligning with the principles of the US Genius Act. Chairman Lee E-won announced this during a national policy inspection, emphasizing that stablecoins should not generate interest from holding or use. The FSC also intends to restrict fintech companies to technology partnerships, preventing them from independently issuing stablecoins, a role reserved for banks. The second phase of South Korea's virtual asset bill, which includes these measures, is set to be submitted this year and is in the final stages of preparation. The FSC is also considering the international demand for stablecoins in areas like virtual asset trading and cross-border remittances, aiming to expand their application and prepare for future developments.
South Korea to Ban Interest Payments on Stablecoins, Bill Expected This Year
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