BOK cites media ownership laws as basis for bank-centric stablecoin model

The Bank of Korea (BOK), which has maintained its stance that won-denominated stablecoins should be issued primarily by banks, has cited legislative precedents from public infrastructure regulation, such as the Broadcasting Act and the Newspaper Act, as the legal basis for its position, News1 reported. According to materials the BOK submitted to the office of Democratic Party lawmaker Park Min-gyu, the central bank pointed to Article 8 of the Broadcasting Act and Article 18 of the Newspaper Act. These laws prevent a single business operator from holding more than a 49% stake in a media company, which the BOK is using to justify its proposal for a "50% plus one share" bank ownership requirement for stablecoin issuers. Critics argue that citing these media laws, which are seen as stuck in a public broadcasting framework and out of step with global media convergence, as a basis for bank-centric regulation is a logical leap.