South Korea’s FSS proposes applying the current Electronic Financial Transactions Act to stablecoin payments as a dedicated bill remains stalled

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An official at South Korea’s Financial Supervisory Service (FSS) said that, while the Digital Asset Basic Act has yet to pass, stablecoins used for payments should be governed by the current Electronic Financial Transactions Act. A draft of the bill is expected to be released later this month. The Financial Services Commission (FSC) is separately developing rules that would allow tokenized stocks, bonds and funds to trade in South Korea starting February 4, 2027, and has opened a public comment period through November 11. Because local regulatory barriers have hindered trading in tokenized stocks, some traders have turned to offshore platforms offering tokenized products based on shares of major South Korean companies.