Overview

• Financial Services Commission officials plan to submit a stablecoin bill to the National Assembly in October, with Democratic Party lawmaker Park Min-gyu saying he received a recent briefing on the approach.
• The framework will define requirements for issuance, collateral management and internal controls as part of phase two of the Virtual Asset User Protection Act.
• Eight major banks are preparing a joint won-pegged token project targeting late 2025 to early 2026 using a trust or 1:1 deposit-token model, subject to regulatory approval and backed by the Korea Financial Telecommunications and Clearings Institute.
• Open questions under debate include who may issue won-pegged tokens and whether fully reserved coins can pay interest, with rival party bills taking different positions.
• A private pilot called KRWIN launched on Aug. 5 by fanC and Initech for limited testing, as U.S. and Japanese stablecoin moves add urgency to a domestic option.