The South Korean regulatory agency is considering allowing tech giants to issue their own stablecoins.

BlockBeats News, November 20th, according to DL News, the South Korean regulatory agency is considering allowing tech giants to issue their own stablecoins. An unnamed industry source stated that the Financial Services Commission (FSC) of South Korea is seriously considering a proposal that would allow companies outside the financial industry to issue stablecoins. Some industry insiders are concerned about this. They believe that allowing technologically advanced large fintech companies to enter the stablecoin market could weaken the competitiveness of banks, leading to an IT-driven "competition" between banks and tech giants.

President Lee Jae-myung had promised to "open up" the South Korean stablecoin market to domestic participants before his election in June. However, efforts to fulfill this promise have so far been hindered by South Korean banks, which oppose non-financial companies having the issuance rights.