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The ruling party and the opposition party in South Korea have significant differences over the stablecoin regulation bill.
Odaily News South Korea's ruling party and opposition party submitted stablecoin regulatory bills on Monday, showing significant differences on whether to prohibit interest payments to users. The bill proposed by Democratic Party member Ahn Doo-jae explicitly prohibits interest payments on stablecoins and requires issuers to provide 100% reserve support, with a minimum capital of 5 billion won; ruling party People Power Party member Kim Eun-hye did not restrict interest payments and emphasized promoting innovation and enhancing information disclosure. Both proposals grant the Bank of Korea regulatory authority. (Decrypt)