Top Stablecoin issues Tether and Circle are expected to meet with leading executives from South Korea’s largest bank this week, according to local media.
The news agency funded by the state of South Korea reported Thursday, representatives from Tether and Circle are set to meet with the leading executives of four major South Korean financial groups. Executives are expected to discuss potential partnerships, the release of the Korean won-backed Stablecoins and the distribution of dollars supported by dollars to South Korea.
Shinhan Financial Group CEO Jin Ok-Dong and Hana Financial Group CEO Ham Young-Joo have reported scheduled meetings with Circle President Heath Tarbert on Friday. The Young-Joo is also reportedly set to meet a Tether official on the same day.
KB Financial Group’s Digital and Information Technology official Lee Chang-Kwon and Woori Bank President Jeong Jin-Wan also reported plans to meet Circle’s Tarbert at an unspecified time. They represent South Korea’s “Big four“Banking groups, assigned by the financial service commission as domestic systematic important banks.
South Korea reads Stablecoin regulation
The news follows reports from earlier in the month prepared by South Korea Introduce a regulatory framework for a winner backed stablecoin. South Korea’s regulator, the Financial Services Commission, can reveal the bill as part of the second stage of the country’s Virtual Asset User Protection Act.
In early July, sharing at least three major South Korean banks grew stronger following the filing of trademarks for stablecoins. This was followed by statements of the banking arm of South Korean It Giant Kakao Corporation announcing the institution “Plan to participate” in the Stablecoin market.
South Korea’s pivot that focuses on Stablecoin regulation follows the late June suspension of Central Bank Digital Currency (CBDC) tests in favor of the country of focusing on supporting winners supported by stablecoins. Prior to the development, eight major banks in South Korea are planning to work together until Launch a stablecoin that is lying on the local Fiat Currency next year.
Related: Bank of Korea to launch the Virtual Asset Committee to track Crypto
The latter only in many meetings with high profile
South Korean meetings are the latest in a series of high-level adventures by Tether and Circle as global regulators have moved toward clearer rules for stablecoins.
In early March, Tether CEO Paolo Ardoino and Circle’s Tarbert Attend a CEO of Comodities Futures Trading Commission (CFTC) CEO Hosted by acting chair Caroline Pham in Washington, DC The event saw the participation of at least 22 crypto executives and two White House representatives.
The meeting followed mid-February reported that Tether is talking to lawmakers in the US Congress To help stablecoin regulatory policies. Local Stablecoin regulation has since developed, with the US Recently requesting comments by the Treasury Department In connection with the passage of the guide and establishment of the National Innovation for US Stablecoins (Genius) Act.
Related: South Korean commands exchanging to stop crypto lending services
Tether also signed agreements with overseas governments, including Guinea and Uzbekistanto explore the adoption of blockchain and peer-to-peer. In January, the company announced plans to transfer its operations to El Salvador following some meetings Between Ardoino and the President of the country, Nayib Buklele.
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