South Korea Unveils Digital Asset Regulation Law
The Essentials at a Glance
- South Korea plans comprehensive regulation of stablecoins and digital assets.
- President Lee Jae-myung is pushing forward the introduction of the “Digital Asset Basic Act.”
- Goal: Promote transparency, competition, and domestic issuance of stablecoins.
- Differences from U.S. regulation: centralized control, broader scope of digital assets.
- Consideration of Bitcoin investments by state institutions such as the pension fund.
What South Korea is Planning
South Korea aims to position itself as a pioneer in crypto regulation. Newly elected President Lee Jae-myung is focusing on clear legal frameworks for digital assets. At the center is the “Digital Asset Basic Act,” a draft law designed to facilitate the issuance and use of stablecoins. The goal is to prevent the outflow of national wealth abroad while strengthening trust in digital financial products.
Focus on Stablecoins
Stablecoins are cryptocurrencies whose value is tied to a stable reference currency—most often the U.S. dollar. In the future, a stablecoin pegged to the South Korean won will also be permitted. President Lee emphasizes that this is necessary to maintain economic sovereignty. The country’s financial regulator, the Financial Services Commission (FSC), is to be granted sole authority over the approval of stablecoin issuances.
Broader Crypto Strategy
In addition to stablecoins, the government is planning further steps to integrate cryptocurrencies into the financial system. This includes examining whether the national pension fund may invest in Bitcoin and other digital assets. The establishment of a national Bitcoin reserve is also under discussion. These measures are intended to position South Korea as a crypto-friendly hub for innovation.
Comparison with the U.S.
While South Korea is opting for centralized regulation, the U.S. is pursuing a more decentralized approach with the “GENIUS Act” (Guaranteed and Enforceable Neutrality in the Issuance of United States Stablecoins). In the U.S., large stablecoin issuers with more than $10 billion in circulation would fall under federal oversight, while smaller providers would be regulated by individual states.
In contrast, South Korea’s draft law regulates not only payment stablecoins but also other tokenized assets. The U.S. places special emphasis on consumer protection, transparency, and anti-money laundering requirements. South Korea currently lacks similarly detailed rules for end-user protection, although transparency and reserve obligations are planned.
Impact on the Crypto Market
If South Korea implements its plans as announced, the country could become an attractive destination for crypto projects. The clear legal framework and government support for stablecoins and Bitcoin could attract investors and developers. At the same time, centralized control by the FSC could ensure uniform standards, reducing regulatory uncertainty.
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Our Assessment
South Korea is pursuing an ambitious strategy to compete in the global race for crypto innovation. The focus on a domestic stablecoin infrastructure and the potential integration of Bitcoin into state financial structures are strong signals. Compared to U.S. regulation, South Korea’s approach is more comprehensive but also more centralized. For you as a user or investor, this means South Korea could become an interesting market for digital assets—provided the implementation remains transparent and user-friendly. We will continue to monitor developments.
Sources
- Bloomberg
- Reuters
- Yonhap News
- The Korea Herald
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