The Bank of Korea (BOK) has reiterated its firm stance that won-pegged stablecoins should first be issued through bank-led consortiums rather than non-bank entities. This position was outlined in a document submitted to the National Assembly’s financial committee on Thursday, amid ongoing deadlock over the country’s digital asset bill.
According to reports from local outlets Digital Asset and EDaily, the central bank argued that bank-led consortiums should be prioritized for won stablecoin issuance, while also proposing the establishment of a formal policy body bringing together financial regulators and other relevant government agencies to oversee the sector.
Not Just About Stablecoins
Beyond stablecoins, the BOK also plans to expand the use of deposit tokens - blockchain-based digital representations of commercial bank deposits - throughout the second half of 2026. Planned use cases include government subsidy disbursements, public vouchers, electric vehicle charging infrastructure, and other payment services for the general public.
The BOK’s position continues a stance held for months: banks are viewed as having a stronger supervisory foundation to maintain financial stability and protect consumers compared to non-bank newcomers. BOK Governor Hyun-Song Shin himself has voiced support for both deposit tokens and central bank digital currencies (CBDCs) since last April.
A Stalled Bill
Unfortunately, the BOK’s firm stance also reflects a broader stalemate. The debate over who should be permitted to issue stablecoins - exclusively banks or non-bank players as well - remains one of the biggest hurdles in advancing South Korea’s Digital Asset Basic Act. The government’s initial target to pass the bill in the first quarter of 2026 has been significantly delayed due to disruptions from the US-Israel conflict with Iran in late February, local elections, and structural committee reorganizations in parliament.
As long as this fundamental question remains unresolved - banks only, or opening the door to all players - South Korea risks falling behind other nations that have already finalized their own stablecoin regulatory frameworks, while market demand for won-based digital assets continues without clear legal certainty.
Reported via crypto.news.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
