South Korea Urged to Introduce Interim Stablecoin Rules
A report from Hashed Open Research and the Solana Policy Institute suggests that South Korea should introduce interim stablecoin licensing guidance before lawmakers complete the Digital Asset Basic Act.
The report, which summarizes a June 23 symposium attended by lawmakers, lawyers, and digital-asset industry representatives, recommends a phased approach addressing stablecoin issuance, payments, and foreign tokens while lawmakers continue negotiating a comprehensive market framework.
The report argues that waiting for the full Digital Asset Basic Act could leave businesses without clear rules for issuing or using won-backed stablecoins. It recommends interim guidance on licensing, permitted activities, and payment services so regulated firms can prepare before the final law takes effect.
Kim Hyo-bong, a partner at Bae, Kim & Lee, also urged South Korea to consider the European Union's rollout of the Markets in Crypto-Assets Regulation. MiCA's stablecoin provisions began applying on June 30, 2024, six months before the framework became fully applicable.