South Korea proposes cryptocurrency law with bank-style rules for stablecoins

Draft measure outlines broad model for integer assets, including licensing, issuance and oversight

Apr 8, 2026, 4:28 p.m.

South Korea’s ruling Democratic Party proposed a “Digital Asset Basic Act” Wednesday that would found a ineligible model for integer assets, including issuance, trading, custody and supervision.

“Digital assets are emerging arsenic a halfway mean connecting the existent system and fiscal markets,” the connection states. It defines value-linked integer assets, including those tied to fiat currencies oregon real-world assets, arsenic a class requiring issuer authorization, refund reserves and redemption obligations.

The caller connection comes amid stalled Digital Asset Basic Act negotiations since aboriginal this twelvemonth erstwhile regulators clashed implicit who should beryllium allowed to contented won-pegged stablecoins. The Bank of Korea insisted banks with 51% ownership should beryllium the lone ones authorized to contented stablecoins, portion the Financial Services Commission warned this could hinder innovation.

The measure besides said it aims to “establish a instauration for Korea to pb the planetary integer fiscal order.” Under the proposal, entities seeking to contented specified assets indispensable get support and conscionable requirements including superior thresholds, operational capableness and reserve plans.

The authorities would present licensing, registration and reporting requirements for integer plus businesses, including trading, brokerage, custody and advisory services.

It would besides found rules connected disclosures, interior controls and marketplace conduct, including prohibitions connected unfair trading practices specified arsenic marketplace manipulation and usage of non-public information.

The connection calls for the instauration of a integer plus committee to reappraisal and coordinate policy, arsenic good arsenic nationalist basal and implementation plans for the sector.

It besides noted that South Korea’s existent strategy remains focused connected capitalist extortion and lacks a broad model covering issuance, disclosure and marketplace structure.

The connection follows the announcement of caller rules Wednesday by the country’s Financial Services Commission and Financial Supervisory Service ordering each home cryptocurrency exchanges to follow a single, strict strategy for delaying withdrawals. The purpose is to artifact a surge successful dependable phishing scams that trust connected speed.