Regulator: Financial Services Commission (FSC), Bank of Korea (BOK)
Digital Asset Basic Act (DABA) proposed June 10, 2025; under active legislative consideration; FSC primary regulator; expected passage late 2025/early 2026; KRW-denominated stablecoins anticipated as part of Phase 2 virtual asset legislation; 1:1 backing required; quarterly audits, monthly reports mandated; banks and approved non-banks as issuers; minimum capital KRW 1B (under DAIGA proposal); four bills on stablecoins submitted to National Assembly; regulatory sandbox pilot for KRW stablecoins being explored; major banks (KB, Shinhan, Woori, NH, IBK) seeking first-mover advantage.
Applicable Laws:
Stablecoin Regulation Bill (proposed) - https://cointelegraph.com/news/south-korea-won-stablecoin-bill-october-dollar-dependence
