CBSR · 证据资料库
韩国稳定币监管证据 | CBSR 历史快照
浏览 14 条韩国稳定币监管记录，核对发行路径、储备、收益边界、来源定位、效力与复核状态；数据为 CBSR 2026 年 8 月 20 日历史快照。
本法域应如何阅读
韩国的稳定币专门发行、储备、收益与跨境方案在快照中标为 pending_proposal。银行主导与更包容金融科技的模式属于竞争中的草案立场；不能因为草案有官方立法网页，就把它描述为已施行的牌照、储备或利息制度。
覆盖与未完成复核
四个监管问题与对应证据
发行准入路径
kr-frs-issuer_pathway-001
记录没有列出已获稳定币牌照的发行人。BOK 的银行主导与 FSC 的金融科技参与方案仍属草案争议，最低资本报道差异也保留为暂定信息。
快照记录原文 · 不是法条逐字引文
No stablecoin issuer is licensed; domestic won-stablecoin issuance is effectively prohibited under current law. Future eligibility is contested: the BOK seeks bank-led consortia holding at least fifty-one percent; the FSC favours a more fintech-inclusive model. These are draft provisions, not operative law, and reported minimum-capital figures diverge across drafts (a press-versus-draft discrepancy) and should be treated as provisional.储备与资产支持
kr-frs-reserve_backing-001
超过 100%、安全资产、银行或托管机构持有及隔离，均作为草案内容记录，尚非该快照所确认的已施行储备制度。
快照记录原文 · 不是法条逐字引文
DRAFT: more than one hundred percent reserves in safe assets, bank- or custodian-held, segregated. No reserve regime is in force. Draft provisions only.允许活动与收益边界
kr-frs-permitted_activity_yield-001
利息或折扣禁止属于草案轨道，在制定施行前不能描述为已操作的收益禁令。
快照记录原文 · 不是法条逐字引文
DRAFT (Value-Stabilised Assets Act track): prohibition on interest or discounts to holders. No yield regime is in force. The draft yield prohibition would align Korea with the United States, the European Union, and Japan, but it is not operative until enactment.货币主权与跨境准入
kr-frs-monetary_sovereignty-001
跨境韩元稳定币作为外汇支付手段的归类，以及央行批准问题，都保留为草案与资本流动管理讨论，不是当前已施行结论。
快照记录原文 · 不是法条逐字引文
No stablecoin-specific monetary-sovereignty regime is in force. DRAFT: cross-border won stablecoins would be classified as a foreign-exchange means of payment under the Foreign Exchange Transactions Act, engaging the capital-flow management regime. Won FX stability is the backdrop and the monetary-sovereignty contest (the central-bank-approval question) is the defining open issue and the principal item stalling the bill.完整记录清单
| 记录 / 维度 | 来源定位原文 | 效力状态 | 复核时效 | 来源检查日 |
|---|---|---|---|---|
| 反洗钱与客户识别 | AML — Travel Rule + VASP registration for stablecoin-to-fiat conversion for third parties | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 银行及非银行路由 | Issuance/routing architecture — pending enactment | 待决提案 · pending_proposal | 复核时效未知 · unknown | 无已记录证据 |
| 资本要求 | Capital (draft) — minimum equity to be set on enactment; figures provisional; NOT in force | 待决提案 · pending_proposal | 复核时效未知 · unknown | 无已记录证据 |
| 跨境数据 | Cross-border data — PIPA governs data including localisation | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 披露与报告 | Disclosure/supervision — pending enactment | 待决提案 · pending_proposal | 复核时效未知 · unknown | 无已记录证据 |
| 分销 | Distribution (draft) — foreign issuers local branch/subsidiary + FSC licence; brokered exchange trading; NOT in force | 待决提案 · pending_proposal | 复核时效未知 · unknown | 无已记录证据 |
| 实施状态 | Timeline — VAUPA in force 19 Jul 2024; DABA pending (off subcommittee 12 May 2026; H2 2026 goal, uncertain) | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 发行准入路径 | Issuer pathway — won-issuance effectively prohibited; future eligibility contested (BOK vs FSC); NOT in force | 待决提案 · pending_proposal | 复核时效未知 · unknown | 无已记录证据 |
| 货币主权与跨境准入 | Monetary sovereignty (draft) — cross-border won stablecoins as FX means of payment; NOT in force | 待决提案 · pending_proposal | 复核时效未知 · unknown | 无已记录证据 |
| 允许活动与收益边界 | Yield (draft) — prohibition on interest/discounts to holders; NOT in force | 待决提案 · pending_proposal | 复核时效未知 · unknown | 无已记录证据 |
| 赎回 | Redemption (draft) — par issuance and redemption; NOT in force | 待决提案 · pending_proposal | 复核时效未知 · unknown | 无已记录证据 |
| 监管机构 | Regulators — FSC would administer issuance; BOK consultative; VAUPA in force, DABA pending | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 储备与资产支持 | Reserve/backing (draft) — >100% reserves in safe assets, bank/custodian-held, segregated; NOT in force | 待决提案 · pending_proposal | 复核时效未知 · unknown | 无已记录证据 |
| 证券属性认定 | Securities characterization — pending the enacted DABA | 待决提案 · pending_proposal | 复核时效未知 · unknown | 无已记录证据 |