stablecoin

This law is meant to set clear rules for crypto trading and crypto issuance in the country. The delay is caused by a strong disagreement between key regulators. The main issue is who should be allowed to issue stablecoins that are tied to the Korean won.
The Bank of Korea believes that only banks should have this power. It says banks must own at least fifty one percent of any stablecoin project. The central bank argues that banks already follow strict money rules. These rules help protect users and keep the financial system safe. From the bank view stablecoins are close to real money so they should be handled only by trusted banking groups.
The Financial Services Commission does not fully agree. It accepts that safety is important but says the bank rule may slow progress. The commission warns that many tech firms would be locked out. These firms often have strong skills in blockchain systems and digital payments. If only banks are allowed the market may lose new ideas and growth. The commission believes smart rules can protect users without blocking innovation.
Lawmakers from the ruling party also raised concerns. They say the bank plan may limit real world use and adoption. Some experts feel that forcing one type of company to hold a majority stake is too strict. They say other tools like clear audits strong reserves and open tech checks can also reduce risk. This view is shared by many policy advisers involved in the talks.
Another issue is how to treat stablecoins made outside South Korea. An earlier plan allowed foreign stablecoins if the issuer opens a local office. This rule is meant to ensure oversight and user protection. Supporters say it helps keep the market fair and safe. Critics say it could slow access to global crypto services and limit user choice.
Because of these disagreements the bill is moving slowly. Officials now expect that it may not pass until January. Even if it passes full enforcement may not happen before the year twenty twenty six. This delay creates uncertainty for businesses and users who want clear rules.
South Korea is an important crypto market in Asia. For many years crypto use was tightly limited. Recently the government has taken steps to support legal and safe use. The Digital Asset Basic Act is seen as a major step forward. Many hope the final law will balance safety and growth.
The debate in South Korea reflects a global question. Should banks control stablecoins or should tech firms also play a role. The answer will shape how digital money is used in daily life. The final decision in South Korea may influence other countries in the future.
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