Seoul is preparing to bring stablecoins and tokenized real-world assets under the same rules that govern traditional finance. Regulators want to connect blockchain-based products with existing investor protections, disclosure rules, and oversight standards.
Seoul’s Plan for Stablecoins and Tokenized Assets
The Financial Services Commission (FSC) of South Korea is spearheading the development of a “second-phase” digital asset law that would address tokenized assets and stablecoins. The strategy builds on recent changes to the Electronic Securities Act and the Capital Markets Act, which established a legal foundation for tokenized securities and security token offerings.
Instead of putting many tokenized goods in a gray area, officials now seek regulations that treat them like standard financial instruments.
Payment-focused stablecoins would have explicit license requirements, reserve backing, and redemption rights under the roadmap. A minimum capital requirement for issuers and stringent guidelines for the holding and auditing of reserves have already been addressed by legislators and regulators. The strategy seeks to discourage stablecoins from behaving like unregulated bank deposits, prevent runs, and safeguard consumers.
Folding RWAs Into Capital Market Rules
South Korea has already passed changes that allow tokenized securities to fully fit within capital markets law. The updated rules define token securities broadly, allowing issuers to tokenize both standardized products, such as bonds, and less traditional assets, such as real estate and art.
These tokens can be issued and recorded on distributed ledgers while still following the same investor protection and disclosure standards that apply to traditional securities.
The FSC also launched a public–private group to plan the expansion of tokenization of “real-economy” assets, including cultural content and agricultural projects. Officials say they want to support new investment formats, but they will pair that with stronger safeguards for retail investors. Over time, they are also studying on-chain payment structures that use stablecoins alongside these tokenized assets.
Instead of relying mostly on digital companies or offshore platforms to issue stablecoins, Seoul’s regulators prefer a bank-led solution. Reports and proposals outline frameworks that place commercial banks or bank-led consortia at the core of the issuance and management of won-pegged tokens.
The Bank of Korea wants strict oversight and clear lines of accountability, as it has cautioned that widespread, loosely regulated stablecoins could affect foreign exchange restrictions and monetary policy.
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