South Korea Unveils Plans for Consolidated Digital Asset Law
South Korea is moving forward with plans to consolidate its digital asset laws into a new framework. The Financial Services Commission wants to merge ten separate bills into one proposal, which would set rules for stablecoins, exchanges, and disclosure requirements.
The proposed Digital Asset Basic Act would define what counts as a digital asset business and set standards for how exchanges can operate. It would also cover internal controls and system resilience for digital asset businesses, and regulate issuers, service providers, and the broader market structure.
One major sticking point is who can issue stablecoins backed by the Korean won. Some lawmakers want issuers controlled by bank-led groups holding at least 50% plus one share, while others want to allow non-bank companies to issue stablecoins too with licenses and reserve requirements.