The draft proposal from South Korea’s ruling party reportedly bars stablecoin interest and calls for technical standards to ensure interoperability across blockchain networks.
South Korea’s ruling Democratic Party is reportedly preparing a draft bill that would classify stablecoins as foreign exchange payment instruments and require tokenized real-world assets (RWAs) to be backed by assets held in trust.
Citing an integrated draft of the proposed Digital Asset Basic Act, the Seoul Economic Daily reported on Wednesday that stablecoins used in cross-border transactions would be treated as “means of payment” under the Foreign Exchange Transactions Act, placing related businesses under oversight even without separate registration.
The draft bill would also require issuers of tokenized RWAs to place underlying assets in managed trusts under the Capital Markets Act.
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