The Bank of Korea (BOK) and the Financial Services Commission (FSC) are at odds over the regulatory model for stablecoins, a critical turning point for the passage of the second phase of the Digital Asset Act. The BOK maintains a firm stance that only bank-led consortia should be permitted to issue KRW-backed stablecoins to ensure financial stability and control capital flow. In contrast, the FSC is attempting to reach a compromise by proposing joint ventures with majority bank ownership, which would allow fintech and tech firms to participate.

In the global market, institution-led developments—such as Visa's launch of a stablecoin platform—are accelerating rapidly. While domestic companies are proactively responding through partnerships, it is frustrating to see domestic policy struggling to keep pace, held back by an excessive focus on stability. I will be keeping a close eye on what kind of compromise the National Assembly reaches in the second half of this year.