South Korea Stabilizes Stablecoin Rules
A policy report published by Hashed Open Research and the Solana Policy Institute proposes that South Korea establish interim licensing guidance for stablecoin issuers before completing its Digital Asset Basic Act.
The report, which summarizes a June 23 symposium attended by lawmakers, legal experts, and industry participants, recommends greater flexibility for stablecoin issuers and phased regulation ahead of the Digital Asset Basic Act.
South Korea's Digital Asset Basic Act would establish its first comprehensive digital asset framework, covering stablecoins, issuance, disclosures, and market rules. However, lawmakers have yet to reconcile multiple bills due to disagreements over stablecoin issuance.
Kim Hyobong, a partner at Bae, Kim & Lee, urged South Korea to clarify which crypto activities financial institutions may conduct and resolve licensing uncertainty for stablecoin payments.