Current reporting indicates South Korean authorities are in the final stages of coordinating a Digital Asset Basic Law draft for submission to the National Assembly in November 2026. The reported package would tighten rules for crypto exchanges through a possible 15% to 20% major-shareholder limit and a transition to licensing, while stablecoin issuance is being discussed around a bank-led consortium model rather than a finalized open-entry regime.

How the draft could reshape crypto exchange rules

Current reporting points to two linked changes for Korean exchanges: a shift toward licensing and a proposed major-shareholder restriction in the 15% to 20% range. The ownership rule is being framed not as a stand-alone cap, but as part of a broader overhaul of market entry and governance.

The Herald Business reports that the 15% to 20% threshold remains one option under discussion rather than settled statutory language. The report also says policymakers are considering alternatives for existing exchanges, including a one- to two-year grace period to adjust holdings or restrictions on voting rights attached to shares above the threshold, rather than an outright ownership ban.

Under the same policy approach, exchanges are reportedly being considered for a move away from a registration or declaration-based regime and toward licensing. If that approach remains in the submitted bill, the ownership debate would help determine who can control a licensed trading platform and under what governance standards.

What is known about stablecoins and timing

The reported direction for stablecoins is a bank-led consortium model, but the available evidence does not establish a final rule on issuer eligibility. JKN describes the bank-led structure as the primary model under discussion, which is a narrower claim than saying non-banks will be definitively excluded.

The timing also requires caution. The November reference is a reported submission target for a government proposal, not an effective date. A market-intelligence item from the U.S. International Trade Administration said that, as of September 2026, related bills were still pending while the government and ruling party worked toward passage by year-end.

Readers should therefore distinguish among at least three stages: the reported November submission goal, any subsequent National Assembly deliberation and the eventual implementation schedule that may be included in the final law. No supplied official bill text, filing record, committee agenda or enacted effective date establishes when exchange or stablecoin rules would actually take effect.

How the tax delay fits into the picture

The proposed two-year delay to South Korea's crypto-gains tax is politically related, but it does not appear to follow the same legal path as the Digital Asset Basic Law. Yonhap reported on Nov. 5 that Finance Minister Lee Hyoung-il said the government would seek, in consultation with the National Assembly, to move the planned tax start from 2027 to 2029.

The Korea Herald separately reported that postponing the planned January 2027 start would require an amendment to the Income Tax Act. While both issues affect the market's transition timetable, the tax delay should not be taken as evidence that the Digital Asset Basic Law itself has been filed, passed or assigned an implementation date.