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# Stablecoin Regulation: Expert Advocates Focus on Operational Controls and Post-Issuance Asset Management
A pivotal policy forum in Seoul has brought fresh perspectives to stablecoin regulation, emphasizing operational controls and asset management after issuance rather than focusing solely on qualifications for issuance. Experts suggest differentiated frameworks that adapt to the scale of issuance, paving the way for stability and industry-specific innovation.
Policy discussions held on October 23 at the Korea Financial Investment Association in Yeouido, Seoul, noted that South Korea’s regulatory debate has predominantly revolved around who can issue stablecoins. Kim Gap-rae, Senior Research Fellow at the Capital Market Research Institute, contends that this approach neglects key aspects such as asset management protocols and mechanisms ensuring consumer trust in redemption processes.
“Stablecoins essentially operate as financial infrastructure, requiring issuers to adopt responsibilities akin to traditional financial institutions,” Kim explained during the event. He further highlighted that regulatory frameworks in the U.S. and Europe already encompass stringent measures on asset management, reserve auditing, and redemption processes, addressing risks that go beyond the issuer’s identity.
# A Strategic Integration Focus for South Korea’s Innovative Edge
Kim also shed light on how global stablecoins, such as dollar- and euro-backed tokens, have already carved a niche in the payments market. For South Korea, he recommended crafting tailored strategies that align with its competitive strengths in industries like content creation, trade, and securities settlement.
“South Korea should avoid competing broadly in universal payment systems and instead focus on leveraging stablecoins in verticals like streaming content, security tokens, and trade settlement. This allows for higher value generation within specialized sectors,” Kim stated.
The rise of closed-loop stablecoins reinforces Kim’s perspective. These stablecoins are gaining traction as issuers prioritize ecosystem-specific functionalities rather than chasing dominance in broader payment landscapes.
# Tiered Regulatory Frameworks: A Critical Component for Stability
To balance innovation with risk management, Kim advocated for a tiered regulatory approach that adjusts oversight intensity based on issuance scale. Smaller experimental projects or community-driven stablecoins, he argued, should face lighter regulations, whereas large-scale issuances—particularly by financial institutions—must be subject to stricter governance.
“Global standards, such as those in the U.S., already differentiate regulations by issuance volume,” Kim pointed out, referencing federal or state-level oversight for stablecoin issuances that surpass certain thresholds. Additionally, large issuers must comply with higher reserve and capital requirements.
Applying blanket regulations to localized or experimental stablecoins, Kim warned, could stifle innovation and dampen market participation. Instead, South Korea should adopt frameworks that nurture small-scale projects while holding mass-market issuers to robust standards.
# Mitigating Global Stablecoin Risks: Spotlight on Tether
Kim also raised urgent concerns about internationally issued stablecoins, specifically Tether (USDT), which remains largely unregulated in South Korea despite restrictions in the U.S., Europe, and Japan. Tether has faced trust-related controversies stemming from opaque reserve disclosures and its lack of external audits. Without robust legislative oversight, South Korean investors may be exposed to heightened financial risks.
“High-risk stablecoins like Tether demand proactive measures, such as credit re-evaluation and mandatory investor risk disclosures,” Kim emphasized. He also warned against trading incentives, including fee waivers, offered by certain exchanges, as they could exacerbate user risks.
Drawing parallels with the U.S., Kim pointed to the recently enacted "Genius Act," which mandates that unregulated stablecoins be phased out within three years unless federal approval is obtained. Without adherence, issuers like Tether risk delisting from U.S.-based platforms. South Korea, Kim argued, should consider similar measures to secure investor protections while revising distribution channels and fee structures to mitigate risks.
# Navigating the Future: Innovation and Regulatory Harmony
As stablecoins gain traction in global financial ecosystems, South Korea faces the delicate task of fostering innovation while implementing robust, scalable regulations. Kim proposed a dual strategy: leveraging tiered regulatory frameworks to assess risk by issuance scale while focusing on stablecoin integration into sectors where the country excels, such as content creation and trade.
For foreign issuers like Tether, stricter legislative controls are essential to safeguard domestic investors. Meanwhile, South Korea’s distinct industry-specific approach could set a precedent for harnessing stablecoins' potential without compromising financial stability. Aligning innovation with effective regulations may be the key to paving the way forward for South Korea’s stablecoin landscape.
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