South Korea Puts Crypto Plans on Hold: What's the Hold-Up?

South Korea is taking its time with a significant crypto plan. Initially, they aimed to allow the creation of stablecoins tied to the Korean won. However, regulatory disputes have delayed discussions until 2026.

Key Disputes

The primary conflict revolves around approval authority for stablecoins. Some argue that only specific groups should have this power, while others believe banks and tech companies should both be involved. Financial regulators are still deliberating.

Background

This debate stems from the president's promise to expand crypto in South Korea, including plans for the country's large retirement fund to invest in crypto. However, the process has proven more complex than anticipated.

Additional Drama

Meanwhile, Do Kwon, the figure behind a major crypto crash, may serve part of his prison sentence in South Korea. He could face additional legal troubles in the country compared to his US sentence.