South Korea’s Digital Asset Basic Act has effectively slipped into 2026 because the country still can’t land a workable rulebook for stablecoins. What should have been a clarity moment has turned into a policy standoff that leaves domestic issuers, investors, and builders operating in a fog.
At the heart of the delay is a fight over who gets to sit in the driver’s seat. The Bank of Korea wants stablecoin issuers to be led by commercial banks holding at least a 51% stake, while the Financial Services Commission warns that threshold would lock out fintechs and non-bank participants. With supervision, issuer qualifications, and reserve rules all tied to that question, lawmakers can’t finalize the framework until the mandates are reconciled.
LATEST: 💳 South Korean payments giant BC Card has completed a pilot project that enabled foreign users to pay local merchants using stablecoins, as part of preparations to implement a stablecoin payment structure. pic.twitter.com/MMfugenwbR
— CoinMarketCap (@CoinMarketCap) December 23, 2025
Why the deadlock is already hurting the market
The uncertainty is now shaping real behavior. Even when domestic players keep building—like a major digital bank accelerating work on a won-pegged token and hiring blockchain talent—the lack of settled rules makes launches, staffing, and investment decisions harder to justify. The most practical blockers are still unanswered: who carries legal liability, how collateralization and internal controls are defined, how reserves get audited, and which authority enforces KYC/AML and liquidity expectations.
The longer this drags on, the more it becomes a competitiveness issue, not just a compliance one. With Hong Kong adopting a comprehensive stablecoin ordinance in June 2025 and the United States advancing national-style legislation on issuer duties and backing requirements, South Korea is ceding momentum to jurisdictions with clearer playbooks. The unresolved choice is stark: a bank-led, conservative rollout built around systemic safeguards, or a broader model that leaves room for fintech-led competition.
What the delay means heading into 2026
For now, the immediate outcome is straightforward. The Digital Asset Basic Act is postponed into 2026 while agencies and political stakeholders continue negotiating competing stablecoin proposals. When the decision finally lands, it will set the tone for market structure, the compliance burden for issuers, and South Korea’s ability to position itself as a serious regional hub for tokenized finance.