South Korea should allow qualified nonbanks to issue stablecoins and involve domestic companies directly in drafting digital-asset rules, a16z Crypto head of policy Miles Jennings said at the firm’s first standalone Korean summit. Jennings said the U.S. GENIUS Act provides a path for approved nonbank issuers while requiring reserve assets and anti-money-laundering compliance. He also warned that without a won-based digital payment instrument, South Korea could lose access to blockchain-based global financial markets and become more dependent on the dollar. The law, signed on July 18, 2025, establishes a federal framework for payment stablecoins and could make U.S. policy more durable across administrations.