The Digital Asset Exchange Association (DAXA) published a 2026 Digital Asset Policy Handbook with stablecoins as a core agenda and laid out a blueprint for regulatory adoption. Circle and Tether, each visiting Korea next week, proposed directions for domestic market readiness and on-chain financial infrastructure, with Circle founder Jeremy Allaire scheduled to meet exchanges and the financial sector on the 13th. Tether executives were also reported to have recently visited Korea, engaging with the crypto industry and financial authorities.
DAXA has likewise released the report in step with this trend, which is structured around digital asset and stablecoin finance analysis, capital outflow management using won-denominated stablecoins, and a framework for stabilization and risk management, on-chain supervision and risk response, and policy directions for RWA. It highlights run risk during issuance and circulation, reserve asset management risk, and leverage risk in market-making as key issues. In particular, as dollar-stablecoins like USDT and USDC gain global influence, the lack of a domestic regulatory framework could lead to capital flight and reduced transparency.
The report also treats AML/CFT, and the compliance obligations of exchanges and wallet operators, as major risk considerations regarding user protection and regulatory alignment issues. DAXA cites FATF recommendations and major regulatory frameworks to guide domestic stablecoin regime design. A Korea-specific framework based on won-denominated stablecoins is proposed, detailing issuer capitalization and liquidity requirements, enhanced disclosure, and linkage with banks and securities firms.
The handbook also discusses potential on-chain finance expansions, such as using stablecoins for securities settlements, linking with government bonds and money market funds, and combining with RWA tokens. It stresses real-time on-chain data monitoring to track transactions and positions, and calls for stronger user protections, including insolvency repayment priority and separation of reserves. Finally, it outlines AML obligations, travel rules, and on-chain analytics, urging alignment with international standards in domestic reforms. DAXA chair Oh Sejin stated that the association will continue to serve as a bridge between the public and private sectors to build a trusted digital-asset ecosystem and hopes the handbook informs policy design in Parliament, regulators, and academia.
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