South Korea’s FSC to Draft Digital Asset Law This Year, Including Stablecoin Rules
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South Korea’s Financial Services Commission said it plans to prepare a basic law on digital assets by the end of this year as part of efforts to foster the industry.
In its second policy briefing to the president on July 15, the commission said it would draft the legislation within the year to help build an innovative digital-asset ecosystem.
The bill will define the digital-asset industry and set out a regulatory framework aimed at establishing a fair and efficient market order while strengthening user protection.
The commission also plans to bring the issuance and distribution of stablecoins into the institutional framework as their use as a new means of payment expands in major countries. It also intends to tighten anti-money laundering regulations to counter money-laundering crimes involving digital assets.
The government and the ruling party had initially sought to propose the Digital Asset Basic Act in March, but discussions were delayed as other issues took priority, including worsening tensions in the Middle East and local elections.
Separately, the commission said it would also push to institutionalize tokenized securities, or STOs, as part of efforts to strengthen the competitiveness of South Korea’s capital markets. It is currently preparing revisions to enforcement decrees for the operation of the tokenized-securities market.
