South Korea aims to finish digital asset framework law by Jan. 9, 2027

Push to act before U.S. stablecoin rules begin

Min said the National Assembly’s regular session will end before an extraordinary session that is typically held through Jan. 9. Within that window, lawmakers plan to convene the bill subcommittee once or twice and hold a public hearing before concluding work on the measure.

He also reiterated his view that legislation for won-backed stablecoins should move quickly. Min warned that dollar-based stablecoins could flood into the market like a “tsunami” once the U.S. law comes into force, underscoring why he sees the January deadline as important.

Debate has delayed the government bill

Min said more intensive discussion of the framework act is likely to begin around the week after next, a remark that indirectly pointed to the possible timing of the government’s draft bill. Financial authorities had originally planned to submit their proposal to the National Assembly last year, but the measure has yet to be sent over.

The delay has been tied to unresolved debate over several core issues, including limits on ownership by major shareholders of virtual-asset exchanges and rules on who should be permitted to issue stablecoins. Those disagreements have kept the bill from advancing on the earlier schedule.

Key provisions remain unsettled

As discussions have stretched on, several main ideas in the bill have become widely known. One proposal would cap stakes held by major shareholders in virtual-asset exchanges at roughly 15% to 20%. Another would structure stablecoin issuers so that banks in a consortium control at least 50% plus one share.

Min indicated both areas are still open to change. He said he doubts whether shareholder caps need to be written into the framework law at this stage, adding that the National Assembly Research Service has raised concerns that such a restriction could be unconstitutional. He also said further coordination with exchanges would be needed.

That means a shareholder-cap provision could be removed during deliberations if the Financial Services Commission submits a bill containing it and lawmakers cannot reach agreement. In Min’s view, the issue may be better handled in a later, third stage of legislation after the market develops further.

Questions over a bank-led issuance model

Min also pushed back on the idea that stablecoin issuance should be centered on bank-led consortiums. He said that approach would not fit a market that includes many other innovative companies.

Instead, he argued that non-bank consortiums should also be allowed, so that competition can support market innovation. His comments suggest the eventual rules for won-backed stablecoins may be broader than an initial bank-dominant model if lawmakers revise the draft during the legislative process.

What happens next

The Digital Asset Framework Act is regarded as second-stage legislation following the Virtual Asset User Protection Act, which took effect in 2024. For now, the next confirmed steps described by Min are committee-level review and a public hearing during the period running up to Jan. 9, 2027.

Whether the final bill keeps provisions such as exchange shareholder caps or a bank-centered issuance structure remains unresolved. The immediate focus is on getting the overall framework through the National Assembly before the U.S. GENIUS Act begins to apply on Jan. 18, 2027.