Central Bank Blocks President’s Plan

• South Korea missed a December 10 stablecoin bill deadline for lawmakers.
• A central bank dispute slows agreement on who controls stablecoin issuance.
• Wealthy investors raise virtual asset exposure as legal clarity stays delayed.

South Korea’s stablecoin industry faces fresh regulatory uncertainty as the Financial Services Commission missed the government December 10, 2025 deadline to submit a stablecoin bill to the National Assembly. The delay extends the wait for won-pegged stablecoin rules as local adoption keeps rising.

Financial Services Commission Misses Stablecoin Bill Deadline

The stablecoin bill in South Korea will take longer to reach the National Assembly floor. The Financial Services Commission asked for more time to align the terms of the stablecoin proposal across agencies.

Meanwhile, the Financial Services Commission plans to publish draft terms to keep the process moving. The Bank of Korea has publicly opposed parts of the approach backed by President Lee Jae-myung’s camp, keeping the bill in limbo as agencies argue over scope and control.

Related: South Korea Advances Digital Asset Basic Act With Bank-Led Stablecoin Issuer Requirement

According to the Bank of Korea, stablecoins issuance will likely undermine its monetary authority and control. The BoK recently detailed its concerns for a KRW-pegged stablecoin in a 157-page report, with the idea that such products will dampen its set consumer protection protocols.

However, Lee has called the BoK’s concerns ‘scare stories’. As such, FSC’s Chair Lee Eok-won has failed to deliver the stablecoins bill to the National Assembly on time due to the impasse between the government and the BoK.

South Korean Investors Flock into Virtual Assets for Portfolio Diversification 

According to a recent report from KB Financial Group dubbed ‘2025 Korea Wealth Report’, wealthy individuals in South Korea have increased significantly in the past decade. Specifically, wealthy individuals in South Korea increased from 130,000 in 2011 to about 476,000 in 2025, which represents a 9.7% increase.

During this period, the report noted that the financial assets for wealthy South Korean individuals increased from KRW 1,158 trillion to KRW 3,066 trillion. Interestingly, the wealthy individuals in South Korea have reduced their investments in real estate but increased their stake in virtual assets.

According to the report, wealthy individuals in South Korea reduced portfolio stake in real estate investments from 58.1% in 2012 to 54.8% in 2025. The report highlighted that wealthy individuals in South Korea have increased their focus on virtual assets in the recent past to gain more profits.

As such, global investors, led by a16z, are seeking to explore the crypto market in South Korea through legalized means. As such, the South Korean government is rushing to deliver on its promises to legalize the stablecoins market as it has happened in major global markets led by the United States and Europe.

Moreover, the stablecoins market in South Korea has been operating under the virtual assets law, which does not provide comprehensive clarity.

Related: a16z Sets up Seoul Crypto Hub to Anchor Asia Expansion