South Korea's Digital Asset Bill to Require 51% Bank Ownership for Stablecoin Issuers

South Korea is set to require stablecoin issuers to be consortiums with at least 51% bank ownership, News1 reported on Dec. 3. The proposal, part of the government and National Assembly's second-phase Digital Asset Basic Act, has gained backing from the Democratic Party's digital asset task force. The framework reflects a compromise between the Bank of Korea's preference for bank-only issuance and lawmakers' calls to include fintech and blockchain firms, with the government draft due Dec. 10 and legislative completion targeted for January.