Former Prime Minister Kim Min-seok said he will put the institutionalization of won-denominated stablecoins and tokenized securities at the center of his financial reform agenda. His plan combines digital-asset legislation with broader financial policy goals, including stronger policy finance for lower-income households and tighter financial consumer protection.
Kim also said he would push for a Framework Act on Digital Assets and create a Special Committee on Public Assets and Financial Innovation under the party leader, signaling that crypto-related rules would be handled as part of a wider redesign of financial policy rather than as a standalone issue.
Digital assets folded into a wider reform push
Kim presented won stablecoins and tokenized securities as two of the most important institutional tasks in his proposed reform program. Alongside those measures, he pledged to advance a general legal framework for digital assets, indicating support for a more formal legislative base for the sector.
His agenda was not limited to market structure. He also linked the initiative to support for lower-income people through policy finance and to stronger protections for financial consumers, suggesting that digital-asset rules would be developed in parallel with social and consumer-focused financial policy.
Stablecoin rules remain at an early design stage
The Financial Services Commission is separately preparing detailed rules for won stablecoins. According to the report, the central question is who should be allowed to issue them. Current plans would mainly permit issuance through bank-led consortia, while participation by non-bank fintech firms is also under consideration.
Several core standards have not yet been fixed. These include minimum capital requirements for issuers, the composition of reserve assets backing the stablecoins, and the exact form of redemption rights. That means the political push for institutionalization is moving ahead while some of the most consequential operational details are still being defined.
Tokenized securities framework is further along
Rules for tokenized securities appear to be at a more advanced stage than the stablecoin framework. Planned amendments to the Electronic Securities Act and the Capital Markets Act would allow issuance and distribution records to be managed using distributed ledger technology.
The Financial Services Commission is also running a consultative body to work out the detailed rulebook. Its discussions cover issuer accounts, licensing for over-the-counter brokerage, investor protection, and the settlement infrastructure needed to support trading and record-keeping.
Next step is turning policy direction into detailed law
The immediate path forward involves two tracks. On one side is Kim's stated effort to advance a Framework Act on Digital Assets and set up a party-led special committee to steer public-asset and financial-innovation policy. On the other is the regulator's ongoing technical work on issuance standards, reserves, licensing, settlement, and investor safeguards.
For now, the broad direction is clear: won stablecoins and tokenized securities are being treated as key reform themes. But the final shape of the regime will depend on unresolved decisions about eligible issuers, reserve structures, redemption mechanisms, and the detailed implementation rules now under preparation.
Source: en.bloomingbit.io