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South Korea Advances Bill Allowing Companies to Issue Stablecoins

The central bank is convening bank heads on June 23 to evaluate the proposed law’s implications for monetary policy

Rep. Min Byung-dug of the Democratic Party (at podium) speaks during a press conference at the National Assembly on June 10, 2025. (Yonhap)
south korea bank of korea stablecoins Lee Jae-myung

Overview

  • The Digital Asset Basic Act would let firms with at least 500 million won in equity capital issue won-pegged stablecoins after obtaining Financial Services Commission approval and maintaining full reserve guarantees.
  • President Lee Jae-myung campaigned on a crypto-friendly agenda that includes legalizing spot Bitcoin ETFs and developing a regulated stablecoin market to curb capital flight.
  • The Bank of Korea has warned that non-bank issued stablecoins could undermine monetary policy and financial stability, calling foreign tokens the most concerning part of Korea’s digital asset landscape.
  • Deputy Governor Lee Jong-ryeol confirmed the central bank is exploring blockchain-based deposit tokens as a more limited alternative to private stablecoins.
  • Governor Rhee Chang-yong will meet commercial bank leaders on June 23 to discuss stablecoin risks and the broader regulatory framework for digital assets.