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South Korea FSC Merges 10 Crypto Bills Into One Stablecoin Law
South Korea's FSC consolidates 10 pending crypto bills into a single Digital Asset Basic Act. The 51% bank ownership rule for stablecoin issuers remains the biggest hurdle.
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South Korea's Financial Services Commission said July 29 it plans to consolidate 10 pending crypto and stablecoin bills into a single government-backed Digital Asset Basic Act. The unified framework would cover digital asset industry rules, market conduct, and user protection.
The FSC wants the consolidated bill to define digital asset businesses, set conduct rules, and create a legal framework for stablecoin issuance and distribution. Exchange entry requirements and disclosure rules for digital asset issuance would also fall under the new law. User protection provisions would require internal controls and IT stability at levels closer to those demanded of financial institutions.
FSC Chairman Lee Won-geon said the government would work on institutionalizing stablecoin issuance and distribution while strengthening anti-money laundering rules. The commission said it aims to build a digital asset ecosystem where "innovation and stability are in balance."
The consolidation follows South Korea's plan to complete its second phase of digital asset legislation during the second half of 2026. The 10 separate bills currently sitting in the National Assembly will be merged into one law, making it easier for lawmakers to review and vote on them together.
Who gets to issue stablecoins