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.