South Korea’s Central Bank Governor Calls for Swift Framework for Won Stablecoins

Bank of Korea Governor Shin Hyun-song said South Korea should introduce a regulatory framework for won-denominated stablecoins as soon as possible. According to Foresight News, Shin made the remarks at a plenary meeting of the National Assembly’s Finance and Economy Committee, where he also stressed that stablecoins and deposit tokens should maintain a relationship that is both competitive and complementary. Shin said that when introducing won stablecoins, issuance should prioritize a bank-centered consortium. He also called for safeguards, including establishing a statutory policy body involving relevant institutions, to reduce risks as much as possible. In addition, Shin urged lawmakers to accelerate the legislative process for the Digital Asset Basic Act, described as second-stage legislation. Separately, Yoo Dong-soo, chair of the National Assembly’s Political Affairs Committee, also called for faster legislation and requested that the Financial Services Commission submit a government proposal.