South Korea report proposes stablecoin rules before crypto law
Summary
South Korea should give stablecoin issuers more flexibility, issue interim licensing guidance, and phase in regulation before finalizing its Digital Asset Basic Act, according to a policy report from Hashed Open Research and the Solana Policy Institute. The act would be the country’s first comprehensive digital asset framework, but progress is stalled by disagreements over stablecoin issuance. Lawmakers are weighing a compromise that keeps banks as majority owners while allowing fintech and non-bank firms to operate the business. Experts also called for clearer rules on what crypto activities financial institutions can conduct, how stablecoin payments should be licensed, and how foreign-issued stablecoins should be regulated.
