Korea Sets November Review for Second-Stage Crypto Law Amid International Pressure
The Financial Services Commission of South Korea has scheduled a review for the second-stage Digital Asset Framework Act in November. The framework aims to regulate stablecoin issuance and issuer eligibility, with the Bank of Korea favoring a bank-centered won-denominated stablecoin model.
Ten bills related to digital assets and stablecoins are waiting in the National Assembly. The new framework will expand on the Virtual Asset User Protection Act, focusing on regulation of issuance, disclosures, service providers, and stablecoin rules.
The US developments, particularly the GENIUS Act with a January 18, 2027 deadline, are adding international pressure on Korea's regulation and broader crypto adoption. The FSC plans to finalize the second phase of stablecoin regulations by 2026.