Speaking at the Asian Financial Forum in Hong Kong, Lee Chang-yong, governor of the Bank of Korea, warned that won‑pegged stablecoins could complicate capital controls and threaten foreign exchange stability. He said these tokens would likely serve mainly cross‑border payments and could help bypass capital flow measures during volatile periods.
A recent report linked to the stalled Digital Asset Basic Act says lawmakers remain divided over who may issue won‑pegged stablecoins, exchange ownership caps, and oversight rules. Submission of the bill to the National Assembly has been postponed while disputes persist.
The central bank prefers banks to lead issuance to limit systemic and FX risks, while industry groups seek broader authorization for nonbank firms under supervision. Regulators briefly discussed bank‑led consortia as a compromise, but talks have not advanced.
The legislative impasse has delayed related plans, including allowing listed companies to trade crypto and introducing spot crypto ETFs locally. A separate report linked these concerns to renewed pressure on the won and to officials’ worries over possible large dollar outflows amid trade tensions.
