Korea’s Stablecoin Law Hits a Wall Over Who Gets to Issue

[johnblockbuster]

South Korea’s next major crypto law has stalled over a deceptively simple question: who should be allowed to issue a won-backed stablecoin? The proposed Digital Asset Basic Act is now delayed as regulators disagree on whether stablecoins should be treated like bank-issued money or licensed digital assets open to broader competition.

At the center of the debate is the Bank of Korea, which favors a banks-first approach, often described as a “51% rule,” where banks control stablecoin issuers through majority ownership. Lawmakers and regulators warn this model could limit innovation and slow Korea’s ability to compete globally, pushing the bill’s timeline into 2026.

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korea arguing over who gets to print stablecoins sounds like the real fight