South Korea Seeks to Finalize Digital Asset Basic Act by Early January 2027

South Korea’s Digital Asset Basic Act is expected to be finalized in early January 2027, Democratic Party lawmaker 闵炳德 said, as U.S. stablecoin rules are expected to take effect Jan. 18, 2027.

For Korean won stablecoins, 闵炳德 opposed making bank ownership of at least 50% plus one share a condition for issuance. He proposed requirements based on issuer conduct and safety, including 100% reserve backing, immediate redemption, anti-money laundering safeguards and know-your-customer checks. A bank-led consortium for won stablecoin issuance has also been discussed as a possible model.

闵炳德 also proposed delaying digital-asset taxation until 2029 and letting investors carry losses forward for three years to offset gains.

Focused discussions of the Act’s core issues could begin as soon as next week, he said. 闵炳德 called for active participation from industry and experts over the next two months.