Yoo Says South Korea’s Stablecoin Bill Could Come Soon

Democratic Party of Korea lawmaker Yoo Dong-soo said on November 5 that the government’s Digital Asset Framework Act will come before the National Assembly soon.

Yoo chairs the National Assembly Political Affairs Committee. He spoke at a policy seminar in the National Assembly Members’ Office Building in Yeouido, Seoul. The event marked the publication of The Future of Money, the Stablecoin Revolution and was hosted by Ahn Do-geol, another Democratic Party lawmaker.

“The government’s bill will come out soon,” Yoo said. He also acknowledged industry frustration with the delay in introducing the framework.

What does the government bill cover?

The proposal is the second stage of South Korea’s digital asset legislation, extending beyond stablecoin issuance and circulation to establish a regulatory framework for the industry as a whole.

That scope gives lawmakers two connected tasks: safeguarding financial stability and supporting industry development. Yoo described money handling as the most difficult and specialized area of policy. The harder problem, he said, is harmonizing risk and expertise with regulation and industry.

Which choices are blocking the bill?

Discussions have stalled over how far stablecoin issuance should extend, which entities may issue the assets and which agency should supervise them. The disagreements are substantive because those choices determine permitted activity and who oversees the market.

Industry participants have warned that a prolonged regulatory vacuum makes market entry harder and complicates business planning across the domestic market. A government filing would give the National Assembly a defined text and timetable around which to resume its review, although no submission date accompanied Yoo’s forecast.

Why does the won matter?

Yoo called for legislation on won-backed stablecoins without delay. His argument begins with the dominance of dollar-based stablecoins in the global stablecoin market. South Korea needs an institutional foundation for a won-based digital currency, he said, to protect the country’s monetary sovereignty.

“The won must become a currency that extends around the world, and to that end we need to legislate won-backed stablecoins quickly,” Yoo said.

He also asked whether the won can maintain its share of global foreign-exchange markets in the expanding digital currency market. In his view, stablecoins should become embedded in South Korea and spread abroad as part of a second-generation cultural revolution built on K-culture.

What does this change for market entrants?

The framework could shape South Korea’s domestic digital finance industry, not merely the issuance of one currency. The permitted issuer list and allocation of supervisory authority will determine how companies structure products, choose compliance paths and time market entry.

That matters now, even before passage. Companies operating under an unsettled regime must plan against unresolved questions about issuance and oversight. A defined framework could remove legal ambiguity, while continued delay would leave the conditions for entry and business plans uncertain.

What comes next?

Yoo did not give a filing date or identify the supervising agency. The next concrete checkpoint is formal submission of the government’s bill to the National Assembly, followed by legislative review of stablecoin issuance, eligible issuers and supervision. Until that filing, the legal path for won-backed stablecoins remains undefined, and companies still lack a settled framework for issuer access and supervision.