South Korea's Stablecoin Regulation Delay Sparks Calls for Phased Rollout

A policy report published by Hashed Open Research and the Solana Policy Institute has proposed that South Korea allow greater flexibility for stablecoin issuers, provide interim licensing guidance, and phase in stablecoin regulation before completing its Digital Asset Basic Act.

The report summarizes a June 23 symposium attended by lawmakers, legal experts, and industry participants. The Digital Asset Basic Act would establish South Korea's first comprehensive digital asset framework, covering stablecoins, issuance, disclosures, and market rules.

However, lawmakers have yet to reconcile multiple bills, with disagreements over stablecoin issuance delaying the legislation. Democratic Party lawmaker Ahn Dogeol said policymakers were considering a compromise under which banks would retain majority ownership while fintech and non-bank firms managed operations.