South Korea's Financial Services Commission proposed a unified Digital Asset Framework Act on July 28, 2026, aiming to consolidate 10 pending bills by the end of 2026. The legislation establishes a legal framework for stablecoins, introduces strict exchange entry and disclosure standards, and reviews guidelines to lift the 2017 ban on corporate crypto market participation. Lawmakers have agreed to hold bi-monthly subcommittee meetings to fast-track the bill.
Digital Asset Framework Act proposal
- ▪South Korea's Financial Services Commission proposed a unified bill for the Framework Act on Digital Assets to the National Assembly's Political Affairs Committee on July 28, 2026
- ▪The Financial Services Commission plans to consolidate approximately 10 pending digital asset and stablecoin bills into a single legislative framework
Stablecoin issuance legal framework
- ▪South Korean authorities are debating whether Korean won-backed stablecoins should be issued through a bank-led consortium under a proposed 51% rule
- ▪The proposed Digital Asset Framework Act aims to establish a legal foundation for stablecoin issuance and distribution by the second half of 2026
Corporate crypto market access
- ▪The Financial Services Commission is reviewing guidelines to expand corporate and financial institution participation in South Korea's crypto market
- ▪South Korean financial institutions have faced restrictions preventing them from participating in the country's crypto market since 2017
National Assembly legislative timeline
- ▪The Financial Services Commission aims to complete the unified digital asset legislation before the end of 2026
- ▪The National Assembly's Political Affairs Committee agreed to hold subcommittee meetings twice a month to fast-track deliberations on the digital asset bill
Exchange regulation requirements
- ▪South Korean regulators are considering whether to apply 15% to 20% equity ownership limits uniformly to major domestic crypto exchanges
- ▪The proposed legislation would introduce exchange entry requirements, disclosure standards, and internal control and IT security requirements for crypto firms
Story comments
Loading comments…