Summary
South Korea's ruling party agreed to accelerate the Framework Act on Digital Assets with twice-monthly subcommittee meetings and a September 2026 target for bill introduction. The urgency is driven by the U.S. GENIUS Act's January 2027 effective date. Two key fights remain: the "51% rule" (bank-centered consortiums for won stablecoins) and equity ownership rules for exchanges. Ten bills are pending.
Key Points
- Driver: U.S. GENIUS Act effective January 2027; fear of dollar stablecoins dominating Korean market
- Cadence: subcommittee meetings at least twice a month
- Target: bill introduction in September 2026
- 51% rule: Bank of Korea wants bank-centered consortiums holding 50%+1 share of stablecoin issuers
- Exchange rules: 15-20% equity ownership regulations for Upbit, Bithumb, Coinone, Korbit, Gopax
- Pending bills: 10 digital-asset and stablecoin bills in National Assembly
- Government commitment: "2026 Economic Growth Strategy" (July 14) targets H2 2026 enactment
- Party convention: August 17; new Policy Committee Chairman to follow
- Previous assessment: passage in 2026 was "virtually difficult" just weeks ago
- Broader Asia context: Japan reclassified crypto as financial assets; India debating framework
- Key question: can Korea bridge the bank-fintech divide fast enough to legislate this year?
- What to watch: whether "51% rule" survives consolidated draft; September reintroduction holds