The U.S. Pushes Ahead on Stablecoins, While South Korea Faces Hurdles Over the Issuer [Crypto Briefing]

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[Financial News] The United States is moving quickly to pass the Digital Asset Market Clarity Act, a bill regulating virtual assets including stablecoins. In South Korea, however, regulators and the industry are still at odds over who should issue them. As the second phase of virtual asset legislation, the General Act on Digital Assets, has been pushed back until after next month’s local elections, its passage this year is also uncertain.
According to the virtual asset industry on the 5th, the United States Senate reached a bipartisan compromise on the stablecoin yield provision, a key sticking point in the Digital Asset Market Clarity Act, on the 1st local time. In South Korea, by contrast, no related discussion has taken place in the political arena since February.
Since the second half of last year, shortly after the passage of the GENIUS Act, South Korea has been working on a regulatory framework for Korean won stablecoins centered on the General Act on Digital Assets. Even so, the legislation remains stuck at the discussion stage.
The biggest divide is over who should be allowed to issue them. The financial authorities say that, for the sake of financial stability, a consortium in which banks hold at least 50% plus one share should issue Korean won stablecoins.
Industry voices, however, argue that South Korea should follow the U.S. regulatory model. Under the GENIUS Act, both banks and nonbanks can qualify to issue stablecoins if they meet certain standards. The idea is to keep the door open to broad private-sector participation while ensuring stability through strict requirements on reserve assets and Anti-Money Laundering (AML), among others.
An industry source said, "A bank-centered issuance system is useful for maintaining control over monetary policy, but it could also hinder diverse innovation." The source added, "Whether it is a bank or a private company, issuance should be allowed as long as certain qualification requirements are met, while the authorities strictly supervise the process."
With little progress in legislation for nearly a year, observers inside and outside the political arena say the issue may not be discussed until the regular National Assembly session in September at the earliest. The DPK’s Digital Asset Task Force had planned to bring the General Act on Digital Assets to the National Policy Committee’s Legislation Review Subcommittee on the 27th of last month, but the subcommittee meeting never took place. In addition, major political events are lined up, including the DPK floor leader election in May, the local elections in June, and the party convention in August, suggesting further delays ahead.
Yang Hyun-kyung, a researcher at iM Securities, said, "There are voices within the ruling party calling for faster legislation, but detailed coordination is still needed on the key issues." She added, "The General Act on Digital Assets is likely to pass after the second half of the year."
yimsh0214@fnnews.com Lim Sang-hyuk Reporter