最新报道：South Korea is racing against time to regulate stablecoins. Regulators are finalizing stablecoin legislation, while industry participants are urging accelerated regulatory clarity to compete globally. A seminar held at the National Assembly in Seoul on Monday offered a glimpse into the current state of the industry. Regulators Push for Legislation. Since the launch of Hong Kong-based RedoPay's crypto payment service in South Korea last May, there has been widespread discussion within the industry that foreign-issued tokens like USDT (Tether) have become used in daily transactions, while domestic projects have been stalled by legal uncertainty. Seminar speakers said that unless South Korea acts quickly, the country risks falling further behind its international competitors. Rep. Min Byung-duk said, "A strong wind is blowing for stablecoins. Many people say they will carefully review digital assets, but in reality, they never do. I created the draft law through public scrutiny—now let's discuss it." While the National Assembly has received multiple drafts of stablecoin legislation, including Min's first bill, the government is attempting to come up with its own legal basis for issuing won-backed stablecoins and overseeing foreign-issued tokens already in circulation. Kim Sung-jin, head of the virtual assets division at the Financial Services Commission (FSC), said, "The FSC will actively support the National Assembly so that discussions can truly begin." He stated that internal work on the legislation is nearing completion, adding that strong anti-money laundering (AML) safeguards and practical payment use cases must guide the legislative process. The government's draft is expected to be ready in October. Central Bank Stands Firm on CBDCs and Bank-Issued Tokens. The Bank of Korea (BOK) has consistently taken opposing positions with lawmakers. BOK Governor Rhee Chang-yong has publicly opposed allowing non-bank institutions to issue won-backed stablecoins, warning of a repeat of the private currency chaos of the 19th century. He argued that unrestricted stablecoin issuance could conflict with foreign exchange liberalization policies and severely undermine the effectiveness of national monetary policy. At the seminar, Dong-seop Kim, head of the BOK's digital currency planning team, reiterated the bank's position and presented the results of a CBDC pilot conducted between April and June 2025. The program tested deposit tokens issued by banks on a central bank-backed blockchain platform. He said, "The model is effectively a trusted form of stablecoin." The pilot, featuring zero-fee QR code-based payments and programmable vouchers, demonstrates that blockchain infrastructure can scale payments. However, he cautioned that technical success does not guarantee adoption. "Issuance alone does not guarantee usage," Kim noted. "Even with central bank support, adoption depends on real demand and local use cases. USD stablecoins already dominate globally—we can't afford to hesitate any longer." The industry is calling for clear crypto regulations. Industry representatives say regulatory gaps are hindering innovation. Shim Kyu-seok, head of Inscobee's digital asset division, noted that USDT ATMs are already operating in South Korea, while companies like Inscobee, preparing won-backed projects, remain unable to launch. "We even applied for a sandbox, but were told it was impossible without legislation," Shim said. "This uncertainty makes planning impossible. If delays continue, South Korea could become isolated in the global market." Cho Jin-seok, CEO of custody provider Koda, likened the issue to the history of automobiles, saying, "Cars have risks, but once traffic regulations are in place, they become indispensable. Stablecoins must be treated the same way." He also emphasized the transparency of public blockchains in anti-money laundering (AML) monitoring. Cho said, "There will never be perfect laws. Some side effects are inevitable, but the benefits outweigh the risks. Flexible rules and swift enforcement are crucial." Lawyer Hyobong Kim believes South Korea lacks a comprehensive policy strategy for digital assets. She said, "The United States released a 166-page blueprint in July, while Hong Kong quickly moved from sandbox trials to legislation and strict AML guidelines. South Korea needs a similar roadmap that clearly defines the roles of regulators, banks, and industry players." She also called for mainnet security standards and long-term public blockchain infrastructure to be included in the plan. Despite differing views, attendees agreed on one point: South Korea must act swiftly. They identified regulatory clarity, AML safeguards, concrete use cases, and stronger collaboration between the government and the private sector as shared priorities. One attendee warned, "With foreign-issued stablecoins already embedded in daily life, South Korea can no longer delay."