South Korea Urged to Introduce Stablecoin Rules Before Completing Crypto Framework
A South Korean policy report urges lawmakers to introduce interim stablecoin licensing guidance before completing the wider Digital Asset Basic Act. The report, published by Hashed Open Research and the Solana Policy Institute on July 29, is based on a June 23 symposium attended by lawmakers, lawyers, and digital-asset industry representatives.
The report recommends a phased approach to address stablecoin issuance, payments, and foreign tokens while lawmakers continue negotiating a comprehensive market framework. This would allow regulated firms to prepare for the final law before it takes effect.
Kim Hyo-bong, partner at Bae, Kim & Lee, also suggested that South Korea consider the European Union's rollout of the Markets in Crypto-Assets Regulation (MiCA), which introduced stablecoin provisions six months before the framework became fully applicable.