Woofun AI reports that interim stablecoin regulations and licensing guidance are being urged for South Korea by Hashed Open Research and the Solana Policy Institute, preceding the finalization of the Digital Asset Basic Act. This proposal aims to address immediate industry needs while broader legislative frameworks remain incomplete.

The recommendations stem from a symposium held on June 23, which convened lawmakers, legal experts, and industry participants to discuss the nation's first comprehensive digital asset framework. While the Digital Asset Basic Act intends to cover issuance, disclosures, and market rules, progress has stalled due to disagreements over stablecoin issuance among multiple bills. Per Woofun AI, these legislative delays have created a vacuum that the report seeks to fill with targeted interim measures.

Political compromise appears centered on a model proposed by Democratic Party lawmaker Ahn Dogeol, where banks retain majority ownership while fintech and non-bank firms manage operations.

Meanwhile, Kim Hyobong of Bae, Kim & Lee emphasized the need to clarify permissible activities for financial institutions, resolve licensing uncertainty for stablecoin payments, and establish rules for foreign-issued stablecoins. These legal ambiguities currently hinder market participation and operational clarity for key stakeholders.

Strategically, the report advises South Korea to emulate the European Union’s phased rollout of the Markets in Crypto-Assets Regulation by introducing stablecoin issuance rules first. This approach prioritizes immediate regulatory stability over waiting for the broader Digital Asset Basic Act to pass. Such a precedent could accelerate market maturity while mitigating risks associated with prolonged legislative uncertainty.