Fintech Stablecoins Just Got a Boost in South Korea as Lawmakers Oppose 51% Rule

ccn.comPubblicato 2025-12-23Pubblicato ultima volta 2025-12-23

Introduzione

South Korea is preparing to regulate stablecoins by 2026, with a key debate between the Bank of Korea (BoK) and the Financial Services Commission (FSC). The BoK supports a "51% rule" that would limit the issuance of KRW-backed stablecoins to entities majority-owned by banks, arguing that non-bank issuance could cause chaos. In contrast, the FSC favors a more open approach, allowing fintech companies to participate to encourage innovation. Recently, the Democratic Party of Korea’s Digital Asset Task Force expressed opposition to the BoK’s proposal, siding with the FSC. They argue that restricting stablecoin issuance to banks could hinder innovation and reduce competitiveness with global standards.

Key Takeaways

The Bank of Korea wants to limit KRW stablecoin issuance to entities that are at least 51% owned by banks.
Meanwhile, the Financial Services Commission (FSC) favors more fintech-friendly stablecoin regulation.
With legislation expected in 2026, influential lawmakers have sided with the FSC.

As South Korea prepares to regulate stablecoins in 2026, one question has come to dominate the policy debate.

Should legislation enshrine a role for banks in law, or should South Korea’s stablecoin market be open to a broader range of fintech players?

The latter position recently got a major boost from the Democratic Party of Korea’s Digital Asset Task Force, which looks set to oppose the central bank’s “51% rule.”

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South Korea’s 51% Rule for Stablecoin Issuers

Calls to anchor Won-backed stablecoins in the banking sector have been spearheaded by the Bank of Korea (BoK).

For instance, in July, BoK Governor Rhee Chang-yong cautioned that “If we allow non-banks to issue stablecoins, this will cause major chaos.”

To ensure banks have a controlling stake in the new market, the central bank has drawn up draft proposals for the Digital Asset Basic Act that would require stablecoin issuers to be at least 51% owned by licensed banks.

Any such provision would ensure that banking consortia effectively control South Korea’s stablecoin supply, while fintechs would be relegated to the sidelines, only ever able to play a supporting role.

However, as Digital Asset Basic Act negotiations enter the final stretch, powerful forces within the National Assembly are opposed to the 51% rule.

Digital Asset Task Force Opposes Stablecoin Restrictions

Opponents of the BoK’s proposal argue that limiting fintech involvement risks stifling innovation and would bring South Korea out of line with emerging global standards.

For instance, the Financial Services Commission (FSC) is reportedly preparing an alternative legislative draft that doesn’t include the 51% rule.

And there are signs that it has the support of National Assembly lawmakers.

According to Ahn Do-geol, who leads the Digital Asset Task Force, a majority of the 20 experts on the group’s advisory committee expressed concerns about the BoK’s proposal.

“They argue that this governance structure could make it difficult to achieve the innovation and network effects that stablecoins are intended to achieve,” he observed, per local media reports .

“Issuers should be selected based on their ability to advance innovation rather than their institutional classification,” the lawmaker added.

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Domande pertinenti

QWhat is the '51% rule' proposed by the Bank of Korea for stablecoin issuance?

AThe '51% rule' is a draft proposal from the Bank of Korea that would require any entity issuing KRW-backed stablecoins to be at least 51% owned by licensed banks, ensuring banks have a controlling stake in the stablecoin market.

QWhich South Korean regulatory body favors more fintech-friendly stablecoin regulations and opposes the 51% rule?

AThe Financial Services Commission (FSC) favors more fintech-friendly stablecoin regulation and is preparing an alternative legislative draft that does not include the 51% rule.

QWhat is the name of the political group that has recently opposed the Bank of Korea's stablecoin proposal?

AThe Democratic Party of Korea's Digital Asset Task Force, led by Ahn Do-geol, has expressed opposition to the Bank of Korea's '51% rule'.

QWhat is the main argument against the Bank of Korea's proposal to restrict stablecoin issuance to bank-dominated entities?

AOpponents argue that the restriction would stifle innovation, make it difficult to achieve the intended network effects of stablecoins, and bring South Korea out of line with emerging global standards.

QBy what year is stablecoin legislation expected to be introduced in South Korea?

AStablecoin legislation is expected to be introduced in South Korea in 2026.

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