South Korean lawmaker suggests 34% stake for fintechs in won stablecoin issuers

Democratic Party lawmaker Ahn Do-geol has proposed a governance model for won-denominated stablecoin issuers that would require fintech companies to hold a 34% stake, Decenter reported. Speaking at an event at Hashed Lounge on June 23, Ahn suggested a structure where a consortium of banks would own over 50% of the shares to ensure stability, while fintechs could exercise management rights. This concept is an extension of a plan previously put forward by South Korea's Financial Services Commission, which allows technology companies to be the largest shareholders even as banks hold a majority stake of 50% plus one share.