Overview
- Authorities confirmed the Digital Asset Basic Act will not be submitted until 2026 after talks stalled over the stablecoin issuer model.
- The Bank of Korea wants issuance restricted to bank‑controlled consortia with at least 51% ownership and floated a licensing committee with veto power, which the FSC opposes.
- Draft provisions require 100% reserves in bank deposits or government bonds, segregation of funds, and custody by licensed institutions to back redemptions.
- The framework tightens market rules through stricter disclosures and advertising limits, introduces no‑fault liability for hacks or outages, and contemplates a controlled return of domestic ICOs.
- Lawmakers are assembling alternative proposals and coverage indicates foreign stablecoin issuers would need a licensed local presence, while major banks explore KRW‑stablecoin consortia targeting launches in 2026.