Generated: 2026-04-08T19:45
South Korea's proposed Digital Asset Basic Act (Phase 2), spearheaded by the Financial Services Commission (FSC) in April 2026, introduces a robust regulatory framework for stablecoins. This legislation mandates a "bank-style" oversight model, requiring stablecoin issuers to form consortiums where traditional banks hold a majority stake (at least 51% equity). Stablecoins will also be classified as foreign exchange payment vehicles, subjecting them to existing foreign exchange laws for international transfers. Key provisions include strict 100% reserve requirements, guaranteed redemption rights, and a general prohibition on interest-bearing stablecoin products to prevent competition with traditional banking. Additionally, the act proposes capping major shareholder stakes in cryptocurrency exchanges to enhance corporate governance. These measures aim to integrate digital assets into the established financial system, mitigate systemic risks, and bolster investor protection, potentially allowing for spot ETFs for digital assets later in 2026.
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