South Korea’s long-awaited crypto law stalls over who can issue stablecoins
South Korea’s long-awaited Digital Asset Basic Act (DABA), a sweeping framework meant to govern crypto trading and issuance in one of Asia’s most active digital asset markets, has been delayed amid disagreements among regulators over stablecoin issuance.
The most significant disagreement centers on who should have the legal authority to issue KRW-pegged stablecoins, according to a Korea Tech Desk article. The Bank of Korea (BOK) argued that only banks with majority (51%) ownership should be permitted to issue stablecoins. It said financial institutions are already subject to stringent solvency and anti-money-laundering requirements and therefore the only ones in position to ensure stability and protect the financial system.
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