South Korea’s Financial Services Commission (FSC) is expected to submit its stablecoin regulation bill to the country’s legislative body in October.
According to local news outlet MoneyToday, Ruling Party lawmaker Park Min-kyu said Monday at a stablecoin-related discussion that he has received a report from the FSC containing such a plan.
The bill will establish requirements on stablecoin issuance, collateral management, and internal risk control systems, and is expected to be incorporated into the country’s second digital asset legal framework that is currently under development.
The country’s recently elected President Lee Jae Myung has pledged to establish an active local currency-pegged stablecoin market to strengthen its monetary sovereignty in the age of digital finance. Local banks and payment firms have followed suit, applying for stablecoin trademarks and preparing services that use the digital currency.
Representatives from South Korea’s largest internet companies, Naver and Kakao, and major banks joined lawmakers at the stablecoin discussion on Monday. Some attendees called for a collaborative network between the payments and banking sectors to ensure concerted efforts for innovation and interoperability.
The four largest banks in South Korea — KB Kookmin, Woori, Shinhan and Hana — are also reviewing a potential meetup with USDC issuer Circle’s President Heath Tarbert, who will be visiting the country next week, Yonhap news agency reported.
Neighboring Japan is also nearing the launch of its first yen-denominated stablecoin, as local fintech firm JPYC expects to gain approval to issue its stablecoin as early as fall, according to local news outlet Nikkei on Sunday.
Such efforts are driven in response to the U.S. President Donald Trump’s mission to strengthen the global supremacy of the U.S. dollar via stablecoins. Last month, Trump signed the Genius Act into law, which was a landmark bill set to create a federal regulatory framework for stablecoins.
Meanwhile, South Korea’s central bank has made several cautious comments on the potential risks of a won-pegged stablecoin market. Bank of Korea Governor Lee Chang-yong said last month that the issuance of won stablecoins should be limited to licensed banking institutions, as irresponsible approvals of multiple stablecoins could disrupt the country’s strict foreign currency policies.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
