The Financial Services Commission (FSC) will present a bill aimed at regulating the issuance, management of guarantees, and internal control systems related to stablecoins.




According to local media, South Korea is preparing to introduce a regulatory framework for a won-backed stablecoin. Its financial regulator is expected to submit a government bill as early as October.

On Monday, the media MoneyToday reported that the Financial Services Commission (FSC) will present this text as part of the second phase of the national law on the protection of virtual asset users.

During a political debate, Park Min-kyu, a member of the Democratic Party, stated that he received a briefing from the FSC on the direction of this policy. "The bill should be submitted to the National Assembly around October," he said.

This text should specify the conditions for issuance, the rules for managing collateral, and the internal control systems specific to stablecoins. The FSC has been working on this framework since 2023 through its committee on virtual assets, aiming to provide a clearer framework for the country's crypto service providers.

Reduce dependence on dollar-indexed stablecoins

While the United States is speeding up its work on #stablecoin legislation, South Korea is trying to catch up.

MoneyToday emphasizes that the institutionalization of a won-backed stablecoin has gained importance since President Lee Jae-myung made it a campaign promise.

Since then, several lawmakers have submitted bills. Among them: the Fundamental Law on Digital Assets by Representative Min Byung-deok (Democratic Party), the Law on the Issuance and Circulation of Stable Value Digital Assets by Representative Ahn Do-gul (Planning and Finance Commission), and the Law on Payment Innovation through the Use of Digitally Indexed Assets by Representative Kim Eun-hye (People Power Party).

The report also specifies that many local industry players deem it urgent to introduce a won-backed stablecoin to reduce dependence on dollar-denominated stablecoins.

In June, several major South Korean banks joined forces to develop a stablecoin based on the won. Their goal: to protect the national currency against the growing influence of the dollar. According to them, this token could be launched by the end of 2025 or early 2026.

Data from the RWA.xyz platform, specialized in tracking the tokenization of real assets (RWA), shows that as of August 18, the total market value of stablecoins reached $266.7 billion. Dollar-backed stablecoins continue to dominate, representing 99.8% of the market with $266.3 billion.

South Korea strengthens the fight against tax fraud

Alongside the regulation of stablecoins, South Korea is intensifying its efforts to combat tax evasion via #crypto assets.

On Monday, tax authorities in Jeju, the capital of the province of the same name, began to freeze and seize the digital assets of taxpayers suspected of using cryptocurrencies to evade taxes.

Investigators are targeting nearly 3,000 late payers, for a total amount of about $14.2 million. Their goal is to verify if these individuals hold assets that can be seized to settle their tax debts.

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