South Korea to Restrict Stablecoin Issuance to a 51% Bank Consortium in New Digital Asset Legislation

South Korea’s ongoing development of digital asset legislation is advancing toward a second stage, with government and National Assembly discussions centering on a bank-led stablecoin issuance model. The envisaged framework would confine stablecoin issuance to a consortium of banks with at least a 51% stake. The Digital Asset Special Task Force within the Democratic Party is leaning toward adopting this structure as the core solution, aligning regulatory goals with financial-system resilience and oversight.

Earlier debates pitted bank-led issuance against open access for fintech and blockchain firms, but policymakers now emphasize a controlled deployment. The government’s draft bill is required by the 10th of this month, with discussions slated for year-end and formal passage targeted for January next year, signaling a measured pace to balance innovation with safeguards and systemic stability.