Woofun AI reports that South Korea convened its first official forum on stablecoin legislation today, a move spearheaded by Deputy Prime Minister for Economic Affairs Koo Yun-cheol to advance the Digital Asset Basic Act.

The legislative momentum is partly driven by international developments, notably the United States’ preparation to fully implement the GENIUS Act in January. This US initiative is expected to accelerate the global proliferation of dollar-pegged stablecoins, prompting South Korea’s ruling Democratic Party and government to align on a goal to pass domestic stablecoin legislation within this year.

Structurally, this push is embedded in the government’s 2026 economic growth plan, announced on July 14 by the Ministry of Economy and Finance and the Financial Services Commission (FSC). The second-phase legislation aims to subdivide the digital asset industry and establish comprehensive business conduct rules, building upon the first phase which prioritized investor protection and market integrity.

Per Woofun AI, the regulatory framework will specifically address reserve requirements, issuance standards, and operational guidelines for stablecoin issuers. As one of the world’s most active cryptocurrency markets, South Korea seeks to align its policies with those emerging from the European Union and the United States to ensure a transparent environment.

Legal clarity is viewed as essential for attracting institutional participation to the Korean digital asset market while mitigating risks to financial stability. The urgency of the timeline reflects the rapid growth of stablecoin usage globally, necessitating preemptive measures to safeguard the economy.

With a clear target set for 2025, the stablecoin bill is poised to become a cornerstone of South Korea’s crypto policy. This development marks a critical milestone in the nation’s regulatory journey, signaling a significant shift in the global stablecoin landscape.