South Korea’s ruling party has reportedly decided to move forward with a plan that would see tokenized real-world assets, or RWAs, and stablecoins institutionalized under existing regulatory frameworks. As stated in a report prepared by Seoul Economic DailyAsian country Democratic Party of Korea It contains specific guidelines regarding linked or associated crypto assets. RWAs in the planned bid Digital Asset Basic Law.
By the way According to local sources, the bill requires issuers to have tokenized assets RWAs placing the relevant assets in a fund called a managed trust, Capital Market Law.
The report claimed that more details would be announced by presidential decree.
The update also noted that the proposal categorizes stablecoins as a means or mode of making money. payment under the command of the nation Foreign Exchange Transactions Law.
Essentially, this means that foreign exchange (FX) authorities will regulate stablecoin firms without requiring any separate registration.
In addition, the proposal reportedly exempts smaller stablecoin transfers for goods and services. FX reporting guidelines. This can be seen as an attempt to encourage the use of stablecoins and at the same time ensure the closest monitoring and scrutiny of larger transfers.
Notably, South Korea’s latest proposal could also ban idle returns. stablecoin According to the report, holdings emerged. This move is similar to one supported by US banks, but the industry will likely see further progress in this area. In the future, most providers WE and other jurisdictions will be able to offer competitive returns (as consumer demand increases).
And other guidelines in the proposal include that the Korean financial regulator, Financial Services Commission (FSC)It will be tasked with formulating appropriate technical standards to ensure stablecoin interoperability.
It also aims to create a coherent framework of explanation. crypto assets.
It should also be noted that the so-called Digital Asset Basic Law It is South Korea’s second regulation of crypto assets. And it is encountered legislative challenges and falling behind the initial 2025 maturity date/provisional timeline.
