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South Korea's Digital Asset Basic Act Stalls Over Bank-Controlled Won Stablecoin Push
South Korea's Digital Asset Basic Act has been delayed as the Bank of Korea and the Financial Services Commission disagree over who should be allowed to issue won-pegged stablecoins. The central bank favors bank-led consortia with at least 51% bank ownership, while regulators and lawmakers warn this could constrain competition and innovation. With the dispute expected to push the bill into 2026, banks, fintech platforms and crypto firms are already preparing to launch or distribute local stablecoins once a framework is finalized.