South Korea Seeks Pragmatic Approach to Stablecoin Regulations

A policy report by Hashed Open Research and the Solana Policy Institute recommends that South Korea allow greater flexibility for stablecoin issuers and provide interim licensing guidance before completing its Digital Asset Basic Act.

The report, published on Wednesday, summarizes a June 23 symposium attended by lawmakers, legal experts, and industry participants. The Digital Asset Basic Act would establish South Korea's first comprehensive digital asset framework, covering stablecoins, issuance, disclosures, and market rules.

Kim Hyobong, a partner at Bae, Kim & Lee, said that South Korea should clarify which crypto activities financial institutions may conduct and resolve licensing uncertainty for stablecoin payments. Kim also urged the country to follow the European Union's phased rollout of the Markets in Crypto-Assets Regulation by introducing stablecoin issuance rules ahead of the Digital Asset Basic Act.