South Korea's Financial Services Commission (FSC) will submit comprehensive stablecoin legislation to the National Assembly in October 2025. The bill establishes regulatory frameworks for issuance requirements, collateral management standards, and internal risk controls as part of the country's second-phase digital asset law.
President Lee Jae Myung advocates for a won-pegged stablecoin to strengthen monetary sovereignty, with major banks (KB Kookmin, Woori, Shinhan, Hana) and tech firms (Naver, Kakao) actively preparing issuance infrastructure. Industry representatives recently proposed a joint banking-payment network for interoperability.
Bank executives may meet Circle President Heath Tarbert in Seoul to discuss stablecoin partnerships, aligning with global developments like Japan's yen-pegged stablecoin and the U.S. Genius Act. However, the Bank of Korea cautions that issuance should be limited to licensed banks to preserve foreign exchange controls, with Governor Lee Chang-yong warning against potential financial stability risks.