South Korean Government Holds First Government-Led Stablecoin Forum Today, Focusing on Legislation of the Digital Asset Basic Law and Stablecoin System Construction
The South Korean government held its first government-led stablecoin forum today, hosted by Deputy Prime Minister Kim Yun-chul, focusing on the legislation of the Digital Asset Basic Law and the construction of a stablecoin system.
In response to the U.S. GENIUS Act, which will take effect in January 2027, the ruling party in South Korea plans to propose a unified bill in September, aiming to complete legislation within the year to establish a framework for the issuance, circulation, and regulation of stablecoins.
The Financial Services Commission of South Korea, the ruling party, and industry representatives participated in discussions covering topics such as AI Agent payments, Korean won stablecoins, and AML regulation; this initiative aims to enhance South Korea's position in the global digital asset competition.
Source: Public Information
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South Korea has previously introduced several frameworks for cryptocurrency regulation, such as the Virtual Asset User Protection Act, and has quickly followed up during the global stablecoin wave to maintain its fintech competitiveness.
On the capital front, the government and ruling party are mobilizing legislative resources in response to the U.S. GENIUS Act, with a strategic motive to seize the initiative in Korean won stablecoins and AI payments, attracting international capital and local enterprises.
Similar to the growth of local stablecoins following the implementation of regulations in Singapore and the EU's MiCA, as well as Japan's crypto-friendly policies attracting exchanges, South Korea is currently in an accelerated phase of transitioning from fragmented digital asset regulation to a comprehensive framework.
This is essentially a regulatory change: proactive legislation benchmarking against U.S. bills aims to reduce uncertainty to attract capital inflow, driving the industry chain from regulatory arbitrage to local compliance innovation, reshaping the competitive landscape of digital payments and stablecoins in the Asia-Pacific region.
ABAB News · Cognitive Law
In the global regulatory race, latecomers can win by arriving first.
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