South Korea Nears Digital Asset Basic Act as Bank-Led Stablecoin Rules Draw Fire
By Crypto Wire
October 22, 2026
South Korea’s Financial Services Commission chairman Lee Eog-weon told a National Assembly hearing on October 22, 2026 that consultations on the Digital Asset Basic Act are in the final stages and that the government will push to introduce the package “as soon as possible,” local outlet Bloomingbit reported via The Block. The second-phase bill is framed as a full virtual-asset framework — exchange licensing, disclosure, clearer legal definitions, and rules for stablecoin issuance. This is a Stablecoin Settlement chapter — who may issue won-linked rails and under what ownership — not a U.S. GENIUS rewrite and not a same-day NFT volume print.
The live fight is issuer design. At the same Oct 22 Political Affairs Committee audit, Democratic Party lawmaker Min Byeong-deok attacked delays versus the U.S. GENIUS Act and Hong Kong’s stablecoin law and asked why the draft would concentrate issuance in bank-led consortia, arguing reserve safety — not a bank charter — should define stability, Asia Business Daily reported. Passage has stalled in part over whether banks must hold a majority stake (at least 50% + 1) in stablecoin issuers and over major-shareholder caps on exchanges. Lee said the government has prepared a proposal that “balances innovation and stability” and will discuss it with the Assembly; he also said he would reconsider Bank of Korea participation on the Virtual Asset Committee.
Tax timing sits beside the bill but is not the same instrument. Korea’s crypto tax program is still targeted for January 1, 2027 after three prior delays; Lee said taxation should “take various circumstances into full consideration” (Yonhap via The Block). Ruling Democratic Party leader Kim Min-seok said Thursday he is conducting a “thorough final review” amid pressure to defer again, while the National Tax Service still aims to finalize a digital-asset tax notice draft by October 30 with November public notice. Do not invent a vote tally, a final issuer ownership percentage in statute, or a won-stablecoin launch date — none are enacted in these hearing quotes.
For NFT and marketplace desks, the useful cut is settlement plumbing: if Korea locks stablecoin issuance to bank-majority issuers, won checkout corridors for tokenized collectibles and RWA venues (including prior Injective/BDACS KRW1-style MOUs) stay bank-gated until non-bank paths clear. Keep this file separate from the Oct 19 FSS/FIU oversight chapter and from U.S. OCC GENIUS finals — today’s beat is DABA consultations + the bank-led issuer dispute.
Settlement watch: Track whether Lee’s “innovation and stability” proposal publishes a dated ownership split for stablecoin issuers (bank majority vs open consortia), whether the Assembly schedules a DABA markup before year-end, and whether the Oct. 30 tax-notice draft lands without freezing won-stablecoin pilot calendars.
Bottom line: Korea’s FSC says the Digital Asset Basic Act is in final consultations — with the live fight over bank-led stablecoin issuers and a parallel Jan. 1, 2027 tax clock still under review.
Disclaimer: This article is provided for informational and educational purposes only. It does not constitute financial, investment, legal, or trading advice. The cryptocurrency and NFT markets are highly volatile, and past performance is not indicative of future results. Readers should conduct their own research and consult qualified professionals before making any decisions related to digital assets. The cover image for this article may have been created using artificial intelligence (AI).
