The Financial Services Commission of South Korea (FSC) will present a draft law to regulate stablecoins denominated in won in October to protect domestic cryptocurrency users.

The bill is part of the second phase of the Digital Asset User Protection Act, regulating the issuance, management of collateral assets, and internal controls. This is an important step in promoting stablecoins representing the won, helping to reduce dependence on the USD.

MAIN CONTENT

  • FSC is expected to present the bill on stablecoins denominated in won to the National Assembly in October 2025.

  • The new law strictly regulates the issuance, collateral assets, and internal controls of stablecoins.

  • South Korea and Japan are racing to develop national stablecoins, while the Central Bank warns of risks.

When is the Financial Services Commission expected to present the bill on stablecoins denominated in won?

The Financial Services Commission (FSC) of South Korea will present the bill regulating stablecoins denominated in won to the National Assembly around October 2025. This is part of the second phase of the Digital Asset User Protection Act, aimed at completing the legal framework in the second half of the year.

The FSC has been working since last November to build the legislative content to establish rules for the issuance, management of collateral assets, and internal controls for stablecoins. The early presentation of the bill helps create a transparent legal corridor, supporting the stable development of domestic cryptocurrency.

Why is the development of stablecoins denominated in won increasingly emphasized in South Korea?

Stablecoins denominated in won attract significant interest due to their potential to mitigate currency volatility risks and increase internal controls. President Lee Jae-Myung has committed to promoting this stablecoin during his election campaign, and lawmakers are also rushing to draft the legislation.

In the context of the United States tightening regulations on USD-backed stablecoins, the South Korean market hopes to build its own stablecoin ecosystem, reducing dependence on the USD, thereby strengthening financial sovereignty and promoting blockchain technology innovation in the country.

What legislative proposals has the National Assembly of South Korea made regarding stablecoins denominated in won?

Currently, many bills regarding stablecoins denominated in won are being discussed in the National Assembly of South Korea, including the Dasan Digital Technology Framework Act by Min Byung-deok, the Stable Value Digital Asset Act by Ahn Do-geol, and the Payment Innovation Act by Kim Eun-hye.

These bills will be advanced in parallel with the FSC's draft to create a synchronized legal system. The National Assembly's active consideration of many initiatives shows determination to promote sustainable fintech and cryptocurrency development in South Korea.

How are South Korea and Japan competing in the development of national stablecoins?

In June 2025, eight major banks in South Korea announced plans to issue stablecoins denominated in won, expected to launch commercially by the end of this year or early 2026 when regulatory frameworks are completed.

Meanwhile, Japan is also approaching the issuance of the first yen stablecoin developed by the fintech company JPYC, which may be licensed as early as the fall of 2025. The race between the two countries in this region reflects the trend of accelerating the application of national stablecoins in East Asia.

The development of stablecoins should only be limited to licensed banks to avoid currency risks, according to warnings from the Governor of the Bank of Korea.

Roo Sang-dai, Governor of the Bank of Korea, July 2025

What is the Bank of Korea's stance on stablecoins denominated in won?

The Governor of the Bank of Korea (BOK) advises caution with stablecoins denominated in won, stating that only licensed banks should issue this type of currency to avoid risks related to currency and liquidity.

Vice Governor Ryoo Sang-dai also emphasized that stablecoins should be developed gradually, starting with financial institutions that are closely regulated before considering expansion to other parties. This view reflects a balance between fintech innovation and national financial stability.

Frequently Asked Questions

When will the stablecoin bill denominated in won be discussed by the National Assembly of South Korea?

The bill is expected to be presented in October 2025, aiming to establish a clear legal framework to protect cryptocurrency users.

What are the main regulations in this bill?

The law focuses on the conditions for issuance, management of collateral assets, and internal controls with the aim of minimizing risks and protecting users.

Why does South Korea want to develop stablecoins denominated in won?

The purpose is to reduce dependence on the USD, enhance financial sovereignty, and promote domestic cryptocurrency technology innovation.

What is the Bank of Korea's opinion on stablecoins denominated in won?

BOK warns of risks and suggests only licensed banks should issue this stablecoin to ensure financial safety.

How are South Korea and Japan competing in the stablecoin sector?

Both countries are actively developing national stablecoins, with South Korea expected to launch at the end of 2025 and Japan potentially granting licenses as early as this fall.

Source: https://tintucbitcoin.com/stablecoin-won-duoc-han-quy-dinh-moi/

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