FSC and Bank of Korea Clash Over Stablecoin Oversight in New Digital Asset Framework
South Korea's Financial Services Commission (FSC) will soon unveil its proposed Basic Digital Asset Act, a pivotal step in Phase Two of the country's VIRTUAL Asset Act. The release, expected by early next month, precedes a consolidated bill submission to the National Assembly in January 2024.
At the heart of the debate: stablecoin regulation. The FSC and Bank of Korea remain at odds over which institution should govern issuance. This jurisdictional tension underscores the complexity of creating a unified framework for digital assets.
The delay in meeting the National Assembly's deadline reflects extensive interagency coordination rather than policy disputes. Authorities emphasize the need for alignment between financial regulators, central bankers, and lawmakers.
