South Korea Unveils Plan to Merge 10 Crypto Bills into Unified Framework

South Korea's Financial Services Commission (FSC) is moving to consolidate ten separate crypto and stablecoin bills into a unified framework. The proposed Digital Asset Basic Act will cover three key areas: the digital asset industry, market, and users.

The bill aims to define digital asset businesses, set conduct rules, and create a legal framework for stablecoin issuance and distribution. For the market, clearer exchange entry requirements and disclosure rules covering digital asset issuance and distribution are expected. User protection will also be a major part of the framework, with strengthened internal controls and IT stability at levels closer to those required of financial institutions.

The FSC wants to build a digital asset ecosystem where 'innovation and stability are in balance.' The move comes as 10 separate crypto and stablecoin bills remain pending in South Korea's National Assembly. The government plans to complete its second phase of digital asset legislation during the second half of 2026.

The biggest fight could be over who gets to issue stablecoins, with the proposed 51% rule potentially giving banks significant control over the market while limiting participation. There is also discussion around 15% to 20% ownership limits for virtual asset exchanges, affecting major Korean platforms such as Dunamu, Bithumb, Coinone, Korbit, and Streami.

The FSC has not yet made its government draft public, so the final details could still change. The newly finalized Political Affairs Committee could speed up discussions, with a faster review process expected.