South Korea holds first government forum on stablecoin legislation

South Korea’s government is holding a forum today, chaired by Deputy Prime Minister for Economic Affairs Koo Yun-cheol, to discuss the second-phase Digital Asset Basic Act focused on stablecoins. This event is described as the first government-hosted forum on stablecoin legislation. The government and the ruling Democratic Party aim to pass the bill within this year, especially with the U.S. GENIUS Act set to take effect in January and the anticipated growth of dollar stablecoins. In the 2026 economic growth strategy announced on July 14, authorities indicated plans to pursue legislation for the Digital Asset Basic Act in the second half of this year. The goal is to subdivide the digital asset industry, establish a regulatory framework for business conduct, and create a legal foundation for the regulatory formalization of stablecoins.

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