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South Korea’s Stablecoin Rules Stalled as Debate Over Issuer Control Intensifies

By  |  November 25, 2025

South Korea’s long-awaited regulatory framework for stablecoins has been pushed back as policymakers struggle to resolve a central question: who should control the companies that issue these digital assets? According to statements referenced in local reporting, disagreements between financial authorities and lawmakers have halted progress on rules that were once expected to be finalized by late 2025.

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    The Bank of Korea (BOK) has taken a firm stance that banks must hold majority ownership in any entity issuing stablecoins. Per a statement from the central bank, this position is rooted in concerns about financial stability and the potential systemic impact of allowing non-bank institutions to manage instruments that can resemble deposit-like products. A BOK official reiterated this view, saying, “Banks are best positioned to serve as majority shareholders in stablecoin issuers due to their regulatory oversight.” The central bank has also cautioned that giving dominant technology companies control over both payments infrastructure and stablecoin issuance could lead to monopolistic ecosystems and weaken oversight.

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    On the other side of the debate, the Financial Services Commission and several lawmakers argue that limiting issuance to banks could hinder technological innovation. According to statements highlighted in recent discussions, they believe that tech firms possess the infrastructure and expertise needed to develop stablecoin systems efficiently. Major companies—including well-known domestic platforms such as Naver and Kakao—have already begun building their own stablecoin-related technologies in anticipation of clearer rules. Supporters of broader participation suggest that excluding these firms could slow the country’s advancement in digital finance.

    Source: BLOCKONOMI