Oliver Jenkins, president of Visa, highlighted that South Korea, with its 17 million cryptocurrency investors, is a promising setting for the development and experimentation of stablecoins. According to him, the country presents a relevant market, still little explored outside the United States for this type of digital financial innovation.
The visit of Visa executives to South Korean banks allowed gathering information about the local regulatory environment, which is caught between incentives for innovation and resistance from large financial groups, as well as the Bank of Korea. Regulation for stablecoins pegged to the South Korean won still faces obstacles, even with the support of the government led by President Lee Jae-myung.
Moreover, South Korea stands out as the second country that invests the most in access to ChatGPT, second only to the United States, according to data shared by Steven Carpin, head of Visa’s operations in Asia-Pacific. The local market contributes more than 5% of the global revenue of the artificial intelligence platform, reinforcing the importance of the region for technological evolution.
Thus, Visa associates the expansion of artificial intelligence with emerging needs in payment solutions, pointing to stablecoins and blockchain technology as central elements to ensure more efficient transactions. Experiments with tokenization have advanced in other countries; however, in South Korea there are still blockages limiting the tokenization of stock settlements.
On the other hand, South Korean financial authorities indicate that it is urgent to implement clear rules for tokenization and on-chain finance. The local fintech industry shows caution in the face of new initiatives, adding an important regulatory challenge for market development.
Visa emphasizes that South Korea has the potential to lead the convergence between artificial intelligence and digital business, especially through stablecoins. The development of this regulation could pave the way for innovations that respond to payment demands integrated with intelligent systems, Oliver Jenkins pointed out to the Seoul Kyungjae newspaper.
The advancement in artificial intelligence and digital finance creates a scenario where blockchain-based solutions could transform operational modalities in the financial sector. Finally, the conclusion of the South Korean regulatory process still depends on negotiations between government agencies, the financial sector, and international players, who will need to define conditions for a safe and innovative stablecoin environment.
