- Publicly traded company Comtus proposed establishing a unified framework for won stablecoins in South Korea.
- The move harmonizes with the ongoing deliberations for the Digital Asset Basic Act.
Won-backed stablecoin projects are gaining significant traction in South Korea following an improving regulatory support. After all, they offer a two-pronged advantage to the nation in terms of accelerating digital asset adoption and strengthening demand for its domestic currency.
Comtus Holdings (formerly Gamevil), a publicly traded firm focused on blockchain and mobile technologies, has taken notice of the increasing integration of won stablecoins in the financial sector. Hence, the company proposed during the Open Blockchain & DID Association inaugural general meeting to create a way to standardize their transfer rails.
Building an Infrastructure for Standardization of Won Stablecoin Transfers
According to the local website Digital Today, Comtus was a new member of the blockchain organization. Jong-cheol Jang, an executive director at Comtus Holdings, told participants that standardizing the transfer network of won stablecoins would help accelerate their adoption. Hence, he urged the group to work together to develop a proof-of-concept for the initiative.
ADVERTISEMENTJang highlighted that the infrastructure should be ready for integration into institutions. With that in mind, it must adhere to the highest regulatory requirements, including a focus on user protection, privacy, anti-money laundering (AML) compliance, and more.
“For blockchain technology to connect to institutional finance, regulatory compliance and system stability are essential,” said Jang. “Going forward, I will contribute to creating a reliable won stablecoin transfer network standard based on a Sovereign Chain that fits the domestic regulatory environment, in cooperation with association member companies.”
South Korea’s Pending Stablecoin Bill
Comtus proposal comes hot on the heels of the ongoing deliberations of the country’s stablecoin bill. The Korea Times reported that the Financial Services Commission (FSC), South Korea’s financial regulator, held a meeting with its public-private virtual asset committee last week to iron out the provisions of the proposed Digital Asset Basic Act. The ruling Democratic Party of Korea (DPK) aims to finalize the draft bill early this month.
ADVERTISEMENTThe proposed bill offers more inclusive participation for traditional finance players by requiring banks to hold at least a 51% majority stake in local stablecoin issuances. It serves as a safeguard against foreign entities, such as Tether and USDC, gaining major control over the domestic market. The measure ensures that won-denominated stablecoins are backed by the same level of prudential oversight and capital reserves as traditional bank deposits.
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