This is the first case under South Korea's Virtual Asset User Protection Act, which took effect in July 2024.
Hashed said the Maroo blockchain combines the openness of public blockchains with compliance features essential for financial applications.
Play Store will soon require all crypto platforms to register as a VASP with the Korean authorities to offer apps in the region.
The Boston Consulting Group forecasts that the South Korean token securities market will grow to be worth $250 billion by 2030.
The patent application covers a hybrid payment system that allows users to spend stablecoins through their existing credit cards.
DAXA published a statement criticizing the government's proposal to cap major shareholder stakes in crypto platforms at 15-20%.
South Korea's FSC is proposing a 5% cap on the share of a company's equity capital that can be allocated to digital asset investments.
Asia laid the groundwork for non-USD stablecoins in 2025, as regulators and crypto firms pushed local-currency stablecoin initiatives.
South Korean regulators remain deadlocked over who can issue stablecoins, delaying progress on a new comprehensive digital asset framework.
The deal to acquire South Korea's fourth-largest crypto exchange by daily volume is valued at around $70 to $100 million, per local reports.
Legislative efforts gained momentum as South Korean President Lee made developing a Korean won-stablecoin market one of his key initiatives.
KRWQ is not yet offered to South Korean residents, as local regulations on stablecoin are under development.
Upbit is one of world's largest crypto exchanges despite being limited to local investors, with $2.25 billion trade volume in the past day.
South Korea’s FSC chief nominee Lee Eok-won said cryptocurrencies have no intrinsic value and differ from traditional financial products.
South Korea's Financial Services Commission said crypto lending services exist in a legal gray area and could result in user losses.
The country's President Lee Jae Myung has pledged to establish a local currency stablecoin market to strengthen its monetary sovereignty
South Korea's startup ministry seeks to allow crypto firms to register as 'venture companies,' which would grant them government benefits.
The BOK reportedly said it will monitor the progress of local legislation on stablecoins, which have been gaining momentum recently.
KakaoPay, the payment services subsidiary under internet conglomerate Kakao, recently filed stablecoin patent applications.