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South Korea’s Digital Asset Legislation Stalled Over Stablecoin Dispute

South Korea’s Digital Asset Legislation Stalled Over Stablecoin Dispute

Author:

Global Cryptocurrency

Published:

2026-01-26 14:51:02

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BTCCSquare news:

South Korea's ambitious Digital Asset Basic Act faces prolonged delays as regulators clash over stablecoin governance. The Financial Services Commission (FSC) and Bank of Korea remain deadlocked on whether banks should maintain exclusive control over won-pegged stablecoin issuance.

Financial authorities missed their year-end deadline for phase-two legislation, with no resolution in sight. Bank of Korea Governor Rhee Chang-yong insists bank-dominated issuance prevents monetary policy risks, while the FSC advocates for broader fintech participation. Industry groups warn excessive bank control could stifle innovation and harm Korea's global competitiveness in digital finance.

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