The Korea Fintech Industry Association announced on the 25th that it had launched the 'Stablecoin Council' at the Seoul International Finance Office in Yeouido.
This council was launched with the goal of establishing a stablecoin-related system and revitalizing the industry as a blockchain-based payment and remittance infrastructure, and 47 financial companies and fintech member companies related to stablecoin issuance, distribution, and technology participated. As a consultative body under the association, the council plans to urge the introduction of regulations at the level of major foreign countries through various activities such as ▲communication with the National Assembly and financial authorities ▲introduction of cross-border stablecoin payments ▲promotion of stablecoin-related policy forums and seminars, and strive to institutionalize the stablecoin regulatory system.
At the council launching ceremony, Jiyoon Kim, CEO of DSRV, a blockchain infrastructure company recognized for its technological prowess in the global blockchain ecosystem, was elected as the first council chairperson. Chairperson Jiyoon Kim said, “Global companies such as PayPal are collaborating with Web3 companies,” and “DSRV provides APIs that can be used in the Web3 domain, and we will actively support our member companies to conduct global business more smoothly.” Chairperson Kim also expressed her ambition, saying, “Through council activities, we will serve as a bridge between the global stablecoin ecosystem, Korean regulatory authorities, and traditional financial institutions.”
Along with the launching ceremony of the council, a seminar was also held to explore stablecoins and financial innovation methods. At the seminar, DSRV Future Finance Research Institute Director Seo Byeong-yoon gave a presentation on the topic of ‘Current status and future of global payment and remittance.’ Director Seo shared the current status of stablecoins used by global fintech companies, the domestic status, and global regulatory trends, and emphasized that stablecoins will play an important role in increasing economic effects and financial inclusion and securing leadership in the new global financial order.
Chairman Lee Keun-joo said, “The Financial Services Commission recently announced its intention to legislate the second phase of virtual assets, and we have launched a council to establish effective regulations that reflect this,” and added, “We will operate an official suggestion channel for legislation and policy, establish a communication structure, and contribute to establishing standards and guidelines for the issuance, distribution, and use of stablecoins.”
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