韩国《首尔经济日报》当地时间1月11日援引消息人士透露，韩国金融委员会去年2月提出的第二阶段加 密货币开放政策即将落地。根据该措施，上市公司及符合条件的专业投资机构可以将自有资本的5%投 入比特币、以太坊等加密货币。业内预计，此举将吸引约3500家机构及企业携带巨量资金大规模入场。 该金融人士透露，韩国监管部门预计将于1至2月公布最终规则，并正式允许企业动用自有资金投资比特 币、以太坊等加密货币。业内普遍认为，随着韩国《数字资产基本法》草案也有望在今年一季度出台， 相关企业最迟将于年内获准开展此类交易。 报道称，为防控企业大规模投资加密货币可能带来的风险，韩国监管部门计划将年度投资上限设定为企 业自有资本的5%以内。同时，投资范围将仅限于韩国五大交易所内按市值排名前20的加密货币，且每 半年将根据交易市值数据更新币种名单。 目前，韩国金融主管部门仍在讨论是否将美元稳定币纳入允许投资的范围。为缓解因流动性激增引发的 市场波动，韩国监管机构还计划对交易所实施分批交易及报价范围管理。此前，韩国政府已明确表示， 计划自2025年下半年起，稳步推动上市公司及注册专业投资法人开展加密货币投资业务。 以韩国最大的互联网公司 ...

（来源：吴说） 据 Techinasia，韩国推进由银行主导的韩元稳定币发行计划引发争议，金融服务委员会已转而支持韩国 央行提出的限制方案，即仅允许由银行控股的财团发行稳定币，在提交国会的修订法案中，银行需保持 多数控制权，但科技公司可成为单一最大股东；同时，法案拟对加密货币交易所提出更高 IT 稳定性要 求、强制黑客损失赔偿，并设定最高可达年营收 10% 的罚款，稳定币发行方需至少 50 亿韩元（约 370 万美元）实缴资本，相关门槛未来可能上调。 ...

Core Viewpoint - The Bank of Korea has rejected the proposal to issue short-term government bonds for the purpose of stabilizing the Korean won, citing potential negative impacts on the financial market [1] Group 1: Bank of Korea's Position - The Bank of Korea submitted a written response to the National Assembly, clearly opposing the idea of issuing short-term government bonds to support a Korean won stablecoin [1] - The Bank emphasized that such a move could adversely affect the financial market [1] Group 2: Proposal from Korea Capital Market Institute - Kim Byeong-kyu, a senior researcher at the Korea Capital Market Institute, advocated for the introduction of a Korean won stablecoin during a seminar [1] - He suggested that to enhance the payment stability and value storage function of the stablecoin, appropriate backing assets are necessary, which could include short-term government bonds [1] - Kim argued that short-term government bonds are low-risk in scenarios of significant interest rate fluctuations or changes in market demand, thus improving the efficiency of fiscal funding [1]

Group 1 - South Korean financial giant Shinhan Financial Group's subsidiary Shinhan Investment Corp has applied for seven trademarks related to Korean won stablecoins, marking a significant move in the stablecoin market following NH Investment & Securities [1] - The competition for digital currency positioning in South Korea is intensifying, with Shinhan Card and Jeju Bank already making strategic moves in this area [1] - The digital currency landscape in East Asia is evolving, with Japan and China also advancing their central bank digital currency (CBDC) initiatives, indicating a regional push towards digital currency ecosystems [2] Group 2 - The U.S. is experiencing a breakthrough in digital asset tax reform, with a new proposal aimed at eliminating double taxation on digital assets, aligning their tax treatment with traditional assets like gold and livestock [3] - The proposed legislation includes a $5,000 annual tax exemption for small transactions, which could facilitate the use of cryptocurrencies for small payments [3] - The EU's decision to remove the digital tax option from its 2028 fiscal plan is seen as a significant victory for U.S. tech giants, reflecting a shift in global tax policy [2][6] Group 3 - The competition for digital asset infrastructure is intensifying globally, with the EU's concession on digital tax seen as a move to avoid trade tensions with the U.S., thereby creating more policy space for digital asset innovation [6] - XBIT, a decentralized exchange platform, is emerging as a key player in connecting traditional finance with the digital currency ecosystem, offering efficient cross-border settlement channels [6][10] - The surge in cross-border payment transactions using the digital yuan, particularly with oil-exporting countries and ASEAN members, highlights the growing demand for agile digital asset exchange hubs like XBIT [7]

Core Viewpoint - The Governor of the Bank of Korea, Lee Chang-yong, expressed concerns that the issuance of Korean won stablecoins by non-bank institutions could lead to market confusion and may conflict with foreign exchange policies [1] Group 1 - The issuance of Korean won stablecoins by non-bank entities is seen as a potential source of market disruption [1] - Allowing stablecoins based on the Korean won without differentiation could create conflicts with existing foreign exchange policies [1]

Group 1 - The introduction of a Korean won-denominated stablecoin should be gradual, starting with the issuance by the most regulated commercial banks before allowing non-bank institutions [1][2] - The Bank of Korea is concerned about the potential impact of stablecoins on monetary policy and payment systems, emphasizing the need for robust safety mechanisms to protect user rights and prevent market volatility [2] - The current government, led by President Lee Jae-myung, is accelerating legislative processes to allow businesses to issue won stablecoins, aiming to establish a solid regulatory framework [2][3] Group 2 - The Bank of Korea is currently in a monetary easing cycle, with recent interest rate cuts bringing the policy rate to the midpoint of the neutral range, amid rising housing prices and household debt concerns [3] - The first round of pilot testing for the central bank digital currency (CBDC) is set to conclude next week, as part of a joint project with the Bank for International Settlements, with plans for a second round of testing in collaboration with major commercial banks [3] - The Korean government is also working on internationalizing the local currency market, having extended trading hours and relaxed entry conditions for foreign investors over the past year [3]

Group 1 - The core concern of the Bank of Korea's Governor Lee Chang-yong is that issuing a Korean won stablecoin may inadvertently increase reliance on US dollar stablecoins, complicating foreign exchange controls and threatening the effectiveness of monetary policy [1][2] - Governor Lee's warning highlights the fundamental contradiction faced by Korean monetary authorities: the need to embrace digital asset innovation while maintaining effective control over capital flows [1] - The issuance of a Korean won stablecoin could potentially become a new channel for capital outflow, raising concerns among regulators who view cryptocurrencies as speculative and competitive to national currencies [1] Group 2 - Last month, Governor Lee expressed concerns that stablecoins issued by non-bank entities could undermine the effectiveness of monetary policy and capital flow controls, emphasizing the need for the central bank to lead the regulation of stablecoins linked to the Korean won [2] - The ruling party in South Korea recently proposed a digital asset fundamental law aimed at establishing necessary regulatory infrastructure to assist local companies in issuing Korean won stablecoins [2] - The appointment of Kim Yong-beom, a former executive from a cryptocurrency company, as the chief policy officer by President Yoon Suk-yeol signals a more proactive stance towards cryptocurrencies compared to the previous administration [2]

Core Viewpoint - The election of Lee Jae-myung as South Korea's president marks a significant shift towards a pro-cryptocurrency stance, potentially ushering in a new era for the country's cryptocurrency market [1][8]. Group 1: Election and Market Context - Approximately one-third of South Korea's population holds digital assets, with a total value of $74.5 billion in cryptocurrency [2]. - Lee Jae-myung won the presidential election with a vote share of 49.42%, defeating Kim Moon-soo, who received 41.15% [1]. Group 2: Proposed Policies - Lee Jae-myung plans to enact a two-phase Crypto Asset Framework Act to support industry development and regulatory systematization [3]. - The legalization of cryptocurrency spot ETFs, including Bitcoin and Ethereum, is a key focus, aiming to break the current ban on such financial products [4]. - The proposal to allow the National Pension Fund, valued at $884 billion, to invest in cryptocurrencies could significantly enhance market liquidity [5]. - Development of a Korean won-backed stablecoin is prioritized to prevent capital outflow and establish a competitive position in the global stablecoin market [6]. - The completion of the Basic Act on Digital Assets will provide clearer legal frameworks for cryptocurrency exchanges and stablecoin regulations [7]. Group 3: Market Implications - If successfully implemented, these pro-cryptocurrency policies could have profound effects on both the South Korean and global cryptocurrency markets [8]. - The introduction of spot ETFs and potential institutional investments from the National Pension Fund could lead to increased market liquidity and attract traditional financial institutions [11]. - The establishment of a Korean won stablecoin could enhance the currency's influence in the digital economy and open new avenues in global digital currency competition [11]. - Government support for the cryptocurrency industry is expected to drive innovation and create job opportunities within the blockchain sector [11].

Group 1: US Dollar - US Treasury Secretary Yellen stated that the US will never default on its debt [1] - Fed Governor Waller indicated that the impact of tariffs on inflation may peak in the second half of 2025, with a possibility of rate cuts later this year [1] - Morgan Stanley predicts a 9% depreciation of the dollar due to expectations of slowing US economic growth [1] - Nomura suggests that the dollar may weaken further due to the decline of American exceptionalism and other factors [1] - Notable economist and former Fed Vice Chairman Fischer passed away at the age of 81 [1] Group 2: Non-USD Major Currencies - The Deputy Governor of the Bank of England noted that the UK labor market is loosening, and the "anti-inflation wave" continues [2] - The Bank of Japan raised its reserve level to 100% for the first time in FY2024, allocating 472.7 billion yen for potential bond trading losses [2] - The Governor of the Bank of Korea mentioned that many companies find a 10% tariff manageable, and there is a cautious approach towards introducing a stablecoin in the domestic economy [2] - The Bank of Japan acknowledged concerns about significant declines in liquidity in the government bond market, especially in the ultra-long term [2] - Japan's Minister for Economic Revitalization plans to return to the US this week to initiate negotiations [2]

Group 1 - The Bank of Korea's Governor Lee Chang-yong expressed a cautious attitude towards the introduction of the Korean won stablecoin in the domestic economy due to concerns that it may bypass capital control measures [1]