South Korea schedules November review for Digital Asset Framework Act

South Korea’s Financial Services Commission (FSC) confirmed that the Digital Asset Framework Act will be examined by a National Assembly subcommittee in November, maintaining the timetable for the second stage of the country’s crypto legislation.

Legislative timetable and coordination

FSC head of the virtual‑asset division, Seo Na‑yoon, said the regulator and lawmakers share the same direction on digital‑asset issuance and distribution, including stablecoins. While detailed discussions are still needed, the FSC insists there is no intention to delay the process.

Stablecoin regulation at the core

The upcoming framework is expected to address stablecoin issuance, eligibility criteria, and broader market disclosures. Ten separate digital‑asset and stablecoin bills are already pending in the National Assembly, providing lawmakers with existing proposals to work from.

Government and parliamentary dynamics

Despite questions about when the government will submit its draft, the FSC says the November review remains part of the planned schedule. Personnel changes within the FSC will not affect the timeline, and the regulator aims to use bills already introduced by lawmakers alongside its own proposal.

Broader policy context

The second‑stage legislation is slated for completion by 2026 and is part of a broader roadmap that includes crypto‑ETFs, tokenised government bonds, and cross‑border stablecoin rules. The Bank of Korea continues to advocate a bank‑led model for won‑denominated stablecoins to safeguard monetary policy and financial stability.

International pressure

Developments in the United States, such as the CLARITY Act and the GENIUS Act, were highlighted as factors giving South Korea a window to finalise its own rules. Delays in U.S. implementation underscore the need for timely domestic regulation to support local companies and consumers.