South Korea Weighs Interim Stablecoin Rules Ahead of Digital Asset Law

A policy report in South Korea has urged the government to issue interim stablecoin licensing guidance before completing its full digital asset law. The report, published by Hashed Open Research and the Solana Policy Institute, recommends a phased approach to issuing regulations for stablecoins.

The report suggests that introducing stablecoin rules before finishing the Digital Asset Basic Act could help businesses operating in the country. Currently, companies issuing or using won-backed stablecoins need guidance sooner, according to the report.

Banks would hold majority ownership of stablecoin issuers under a proposed compromise, while fintech partners would manage daily operations. The Bank of Korea supports this bank-led approach, citing concerns about monetary and financial stability.