South Korea’s Financial Services Commission said its digital asset legislation remains on track for a November review as regulators and lawmakers develop a broader framework for issuance and stablecoins. The planned framework will also cover digital asset distribution. Seo Na Yoon, head of the FSC’s virtual asset division, said the regulator shares lawmakers’ overall direction and does not plan to delay the process.
Speaking at a National Assembly seminar in Seoul on September 22, Seo said disagreements remain over when the government will submit its draft. Still, she said the November review remains part of the timetable.
“The FSC is not dragging its feet at all. We share the same view,” Seo said. She added that detailed talks may continue, but the regulator has no intention of slowing the legislation.
Seo said the FSC wants lawmakers to pass the legislation quickly. She expects discussions to use both the government’s draft and bills that lawmakers have already introduced.
Ten digital asset and stablecoin bills are now pending in the National Assembly. Those proposals give lawmakers a base for negotiations before the government completes its own version.
Seo said both sets of proposals address issuance and distribution across the digital asset market. The FSC is working through detailed provisions while following the same broad direction as lawmakers. How quickly can those proposals move into one workable framework?
The November timetable follows earlier calls for the FSC to accelerate the process. In August, FSC Chairman Kim Byoung Hwan said the government would speed up legislative consultations as lawmakers pushed to complete the framework during the fall.
At a National Assembly Political Affairs Committee meeting, Democratic Party lawmaker Lee Kang Il asked when the government would submit its bill. The framework was expected to address stablecoin issuance, virtual asset service providers and other parts of the market.
Seo said personnel changes inside the FSC would not affect the schedule. “A change in the responsible official cannot cause a delay in the schedule,” she said. She added that the agency would work to keep discussions on the planned timeline.
Also Read: Ripple Expands South Korea Reach with Jeonbuk Bank Payments Deal
The FSC previously told the National Assembly that it planned to work with the ruling Democratic Party on a consolidated digital asset bill. This process would incorporate work from the 10 proposals already before lawmakers.
Rep. Min Byung Duk introduced one proposal in June 2025. Democratic Party lawmakers Ahn Do Geol, Kim Hyun Jung, Lee Kang Il and Park Sang Hyuk later filed separate proposals. People Power Party lawmakers Kim Eun Hye, Kim Jae Seop, Choi Bo Yoon, Lee Sung Kwon and Kim Sung Won also introduced bills.
Min recently told reporters that lawmakers expected a public hearing on the Digital Asset Framework Act at the end of September. South Korea currently regulates the sector through the Virtual Asset User Protection Act, which focuses mainly on user protection and unfair trading practices.
The second-stage framework is expected to cover issuance, disclosures and stablecoin regulation. Stablecoin issuer eligibility remains one of the issues under discussion. The Bank of Korea has backed a bank-led structure for won-denominated stablecoins, citing possible effects on monetary policy, payments and financial stability.
South Korea has also used regulatory sandbox programs to test blockchain technology and digital assets in several areas. New exemptions have supported trials involving real-world use cases, including public spending.
The current statement did not specify which types of digital currency public institutions would use or the scale of the initial rollout. Authorities also plan to monitor how digital currency payments operate within public spending.