Stablecoin government proposal expected to be released this month…Financial Services Commission·Bank of Korea "compromise on key issues"

A government bill for a basic law on digital assets (cryptocurrencies), including stablecoin regulation, is expected to be released this month. The government and the National Assembly have been pursuing two-step legislation, and the Financial Services Commission and the Bank of Korea are reported to have effectively reached a compromise on key issues.

On the 11th (local time), industry sources said that Ahn Do-geol, a Democratic Party of Korea lawmaker, said immediately after a National Assembly Digital Asset Task Force (TF) meeting, "The Financial Services Commission and the Bank of Korea have almost reached agreement on two major issues: stablecoin issuers and the composition and operation of a policy consultative body," and added, "A government proposal could be put forward soon." He also said, "There is a high possibility that a government bill will be out by the end of the year."

The United States recently finalized stablecoin legislation through the 'Genius Act (GENIUS Act).' Domestically, the need for legislation has been raised as the Financial Services Commission's national tasks include establishing a stablecoin regulatory framework.

The government bill had been delayed due to disagreements among agencies over issuance qualifications and licensing and supervisory authority. Lawmakers from the Democratic Party and the People Power Party had each introduced bills, but discussions stalled because government ministries failed to reach agreement on issuers and supervisory systems. The Democratic Party requested submission of a government bill by the 10th, but it failed because coordination was not completed.

There has also been the possibility of easing the controversial '51% bank equity rule.' Ahn said, "The specific methodology has not been finalized, but it appears that the Bank of Korea has partially conceded its original position." He emphasized that differences on key issues are narrowing and "the issuance of a government bill is imminent."