South Korea's Stablecoin Rules Delayed Amid Lawmaker Disagreements

A policy report from Hashed Open Research and the Solana Policy Institute suggests that South Korea should allow greater flexibility for stablecoin issuers and provide interim licensing guidance before completing its Digital Asset Basic Act.

The Digital Asset Basic Act would establish a 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.

Ahn Dogeol, a Democratic Party lawmaker, proposed a compromise under which banks would retain majority ownership while fintech and non-bank firms managed operations.