South Korea to Launch Won-Based Stablecoin Regulations Soon — What Will They Look Like?

Jakarta, Pintu News – South Korea is preparing a draft law that will be the first legal framework for stablecoins in the country. The Financial Services Commission (FSC) is scheduled to submit the government draft to the National Assembly in October.

The draft is part of the second phase of the Virtual Asset User Protection Act and is designed to set standards for won-backed stablecoins.

Check out the full information in this article!

Introduction of the New Legal Framework

According to a report from MoneyToday, the new framework will include rules on issuance, collateral management, and internal control systems for companies handling these digital assets.

Democratic Party lawmaker Park Min-Kyu revealed during a policy debate that he had received an explanation from the FSC regarding the draft plan.

“The government’s draft law is expected to be submitted to the National Assembly around October,” Park said. Since 2023, the regulator has been working on this framework through its virtual asset committee. Officials have emphasized the need for clear rules for digital asset providers, especially as stablecoins grow in importance for payments and commerce.

Also read: Genius Stablecoin Bill: US Government Seeks Public Feedback on New Rules

Increased Policy Interest

The idea of a won-based stablecoin has gained political support since South Korean President Lee Jae-Myung endorsed it during his election campaign. Some lawmakers have also put forward related proposals.

By proposing a single government bill, FSC aims to consolidate these different approaches and provide a clear regulatory basis.

The framework is also expected to reduce reliance on dollar-bound stablecoins, which dominate much of the market today. South Korea’s push comes as regulators in the United States accelerate work on their own stablecoin legislation.

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Implications for the Digital Asset Market

If approved, Korea’s new rules will mark a turning point for the country’s digital asset market, offering legal clarity for service providers while giving regulators more oversight over the rapidly growing sector.

This will help in ensuring that stablecoin-related operations are run with greater transparency and security.

In addition, this legal framework is expected to increase investor and user confidence in using stablecoins as a means of payment and investment. As such, it could be a big step towards wider adoption of digital currencies in South Korea.

Conclusion

With this move, South Korea is on track to become a leader in stablecoin regulation in Asia. This comprehensive legal framework will not only support innovation and growth in the digital economy, but will also ensure that the country remains competitive on the global stage in regulating digital currencies.

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Reference

• Crypto Times. South Korea to Propose Stablecoin Regulation Bill in October. Accessed on August 20, 2025
• Featured Image: Bitcoinist