According to Techinasia, South Korea's plan to issue a won-backed stablecoin led by banks has sparked controversy. The Financial Services Commission has shifted to support the Bank of Korea's proposed restrictions, allowing only bank-controlled consortia to issue stablecoins. In the revised bill submitted to the National Assembly, banks must maintain majority control, but tech companies can become the largest single shareholder. At the same time, the bill proposes stricter IT stability requirements for crypto exchanges, mandatory compensation for hacking losses, and fines of up to 10% of annual revenue. Stablecoin issuers must have at least 5 billion won (approximately $3.7 million) in paid-in capital, with the threshold potentially increasing in the future. http://(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=54770