South Korea Nears January 2026 Deadline for New Digital Asset Act
South Korea’s government has advanced the second phase of the Digital Asset Basic Act, proposing stablecoin issuers be majority-owned by banks, with completion targeted for January 2026.
Summary
On December 3, South Korea’s government and parliament advanced the second phase of the Digital Asset Basic Act, proposing that stablecoin issuers operate as bank-owned consortiums with at least a 51% bank stake. The bill is expected to be submitted by December 10, with the goal of completing the legislative process by January 2026. This move reflects efforts to ensure strong bank participation in the stablecoin sector while integrating it into South Korea's broader digital asset regulatory framework.
Terms & Concepts
- Stablecoin: A cryptocurrency designed to maintain a stable value by pegging it to a reserve asset like fiat currency or commodities.
- Digital Asset Basic Act: A legislative initiative in South Korea aimed at regulating cryptocurrencies, tokens, and other blockchain-based digital assets.