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South Korea Democratic Party Task Force Proposes RWA Rules, Stablecoin Interest Ban

South Korea Democratic Party Task Force Proposes RWA Rules, Stablecoin Interest Ban

South Korea’s ruling party has proposed a Digital Asset Basic Act that would broaden regulation of issuance, trading, custody, stablecoins, and market conduct under a formal legal framework.

Fact Check
The claim is strongly supported by South Korea proposes cryptocurrency law with bank-style rules for stablecoins, which explicitly states that the ruling Democratic Party proposed a Digital Asset Basic Act covering issuance, trading, custody, supervision, disclosures, licensing, and market-conduct rules. Korea Won-Pegged Stablecoins to Fall Under Foreign Exchange Rules independently corroborates the same bill and adds detail that the party’s task force draft includes RWA rules, stablecoin treatment under foreign-exchange law, and a ban on issuer-paid stablecoin interest. The Odaily link traced back to the CoinDesk article, reinforcing that CoinDesk is the underlying source rather than contradicting it.
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Summary

South Korea’s ruling party proposed a Digital Asset Basic Act to establish a legal framework for digital asset issuance, trading, custody, and regulation. The bill would classify stablecoins and other digital assets linked to fiat currencies or real assets as a special category subject to licensing, capital, reserve, and redemption requirements. It also includes disclosure obligations, bans on market manipulation and insider trading, and a plan to create a Digital Asset Committee. These proposals expand the policy discussion beyond earlier focus areas such as RWA issuance rules, stablecoin interest restrictions, foreign exchange treatment, and blockchain interoperability.

Terms & Concepts
  • Stablecoin: A cryptocurrency designed to maintain a relatively stable value, often by being pegged to a fiat currency or backed by reserves.
  • Digital Asset Committee: A proposed oversight body under the bill that would help coordinate regulation and policy for digital assets.
  • RWA: Real-world asset tokenization refers to blockchain-based tokens that represent off-chain assets such as financial instruments or other tangible or intangible assets.