South Korea’s FSC plans unified crypto law covering stablecoins, exchanges and user protections

The FSC plans to submit a unified Digital Asset Basic Act within the year, covering industry definitions, stablecoin issuance and circulation, exchange entry requirements, disclosure systems, and user protections including internal controls comparable to financial institutions. Ten crypto-related bills are pending in the National Assembly since June last year. Separately, the government is discussing opening the corporate crypto market, which would ease the bank-crypto separation rule in place since 2017. Unresolved issues include whether banks hold majority stakes in won stablecoin issuers and exchange ownership caps of 15–20%. The committee chairman urged a fast government bill and pledged frequent subcommittee meetings.

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