[South Korea Plans to Require Stablecoin Issuers to Be Bank-Controlled and Set a 5 Billion KRW Paid-in Capital Threshold] The Financial Services Commission (FSC) of South Korea has endorsed the central bank's proposal to restrict stablecoin issuance to alliances led and majority-controlled by banks. According to the revised bill submitted to the National Assembly, alliances where banks hold a majority stake can issue stablecoins, while tech companies may serve as the largest single shareholder, but banks must maintain overall majority control. The proposal requires issuers to have at least 5 billion KRW (approximately $3.7 million) in paid-in capital, with the threshold potentially increasing as the market evolves. Additionally, cryptocurrency exchanges will need to meet higher standards for IT stability, compensate for losses from hacking incidents, and face fines of up to 10% of annual revenue. Lawmakers plan to establish a special task force to propose alternative legislative solutions.