Overview
- Lawmakers agreed on a consortium framework that gives banks majority control over KRW stablecoin issuers while allowing tech firms to participate.
- Senior lawmaker Kang Joon-hyun warned regulators to deliver a unified draft by Dec. 10 or face Parliament advancing its own bill.
- The forthcoming legislation builds on the Digital Asset Basic Act and is expected to spell out treatment for foreign stablecoins such as USDT and USDC.
- The Bank of Korea backs bank-led issuance for monetary stability and AML controls, while industry groups caution that mandatory bank control could curb innovation.
- Related measures under discussion include tougher Electronic Financial Transactions Act penalties after cyber incidents and capital-market changes like mandatory tender offers and updated share-allocation rules.