According to reports, South Korea is preparing to launch a regulatory framework for a won-backed stablecoin, with its financial regulatory agency set to introduce a government bill in October.
On Monday, South Korean news portal MoneyToday reported that the Financial Services Commission (FSC) will announce the bill as part of the second phase of the country's "Virtual Asset User Protection Act."
Park Min-kyu, a member of the Democratic Party of Korea, stated during a policy debate that he received a briefing from the FSC regarding the direction of stablecoin policy. Park Min-kyu said, "The government bill is expected to be submitted to the National Assembly around October."
The bill is expected to outline requirements for stablecoin issuance, collateral management, and internal control systems. The FSC has been developing this framework through its Virtual Asset Committee since 2023, aiming to establish clearer rules for the country's crypto service providers.
As the United States intensifies its legislative efforts on stablecoins, South Korea is racing to catch up.
MoneyToday noted that since President Lee Jae-myung promised to launch a won-pegged stablecoin during his campaign, there has been increased attention on institutionalizing it.
Subsequently, several lawmakers have submitted related proposals, including the "Basic Law on Digital Assets" by Democratic Party member Min Byung-deok, the "Law on the Issuance and Circulation of Value-Stable Digital Assets" by Planning and Finance Committee member Ahn Do-gul, and the "Payment Innovation Law Using Value-Pegged Digital Assets" by National Power Party member Kim Eun-hye.
The report also mentioned that local industry stakeholders highlighted the urgent need to launch a won-pegged stablecoin to reduce reliance on dollar-based stablecoin tokens.
In June, major banks in South Korea collaborated to develop a won-pegged stablecoin to protect the currency from the growing dominance of the dollar. These banks stated that the upcoming token is expected to be realized by the end of 2025 or early 2026.
The Real World Asset (RWA) tokenization tracker RWA.xyz shows that as of Sunday, the total market capitalization of stablecoins is $266.7 billion. The data indicates that dollar-pegged stablecoins continue to dominate 99.8% of the market, valued at $266.3 billion.
In addition to clarifying stablecoin rules, South Korea has also been cracking down on citizens using cryptocurrencies to evade taxes.
On Monday, tax officials in Jeju City, the capital of Jeju Province, began freezing and confiscating digital assets of users suspected of using cryptocurrencies to evade tax obligations.
Authorities have started investigating nearly 3,000 individuals who owe a total of approximately $14.2 million in taxes to confirm whether they hold assets that can be seized to settle their tax balances.
Related: Jeju City in South Korea to seize cryptocurrency assets of suspected tax evaders
Original article: “Reports indicate that South Korean financial regulators will introduce a stablecoin bill in October”
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