The Pacific Law Firm notes that, before the two-step digital asset legislation takes effect, it is necessary to review the current framework for stablecoin issuance. Key issues include the legal status of stablecoins such as USDT and USDC on Korea’s exchanges, and whether stablecoins could be classified as securities. The firm also considers whether stablecoin issuers might qualify as virtual asset service providers (VASPs).
Other questions address whether issuing KRW-backed stablecoins for payments would be illegal today, and whether corporate accounts may be used to purchase USDT or USDC in large volumes for settlement. It also asks what criteria exchanges would prioritize when listing stablecoins.
Additional concerns cover whether stablecoins can be bought domestically with a credit card. The legality of DeFi services that deposit stablecoins to earn interest is also questioned. Finally, the two-step digital asset legislation is expected to shape how stablecoins are regulated.
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