Summary
- Reported that major countries such as the U.S. and the EU are preparing bills to incorporate stablecoins into the regulated system.
- Stated that global standard regulation for blockchain infrastructure has not yet been established and remains in a transitional state.
- The industry said that the enactment of a Blockchain Basic Act could give Korea an opportunity to gain an advantage in the global market.
Major countries such as the United States and the European Union (EU) are preparing bills one after another to incorporate digital assets such as stablecoins into the regulated financial system. However, for blockchain infrastructure, which underlies virtual assets, the transitional phase continues in which there is still no regulation converging into a standard.
In July, U.S. President Donald Trump signed the 'Genius Act,' which establishes the regulatory framework necessary to bring stablecoins into the institutional sector. The Genius Act specifies that when issuing stablecoins, they must be backed by dollars of the same value or by short-term U.S. Treasury securities. There is an interpretation that the bill embodies a strategy to make dollar-denominated stablecoins the global standard and to maintain the dollar's hegemonic position as the anchor currency in the world of digital assets. The U.S. Genius Act was influenced by the EU's preemptive move. In 2023, the EU brought stablecoins into the regulatory framework with the Markets in Crypto-Assets (MiCA) regulation. MiCA's core is to comprehensively regulate crypto-assets.
Discussions on virtual asset regulation are taking place around the world, but there is not yet a law that could serve as a global standard for blockchain, the technical foundation. It is known to be difficult to establish a single regulation because technological change is rapid and the targets of regulation are unclear. The industry says that if the government prepares the 'Blockchain Basic Act' currently being pursued, Korea could have an opportunity to gain an advantage in the global market.
Reporter Haeryeong Kang hr.kang@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
