Accelerating Digital Asset Legislation and Developing Trade Settlement Infrastructure

South Korea’s financial authority is set to submit its official government draft of the Digital Asset Basic Act to the National Assembly in early September, accelerating the institutionalization of the market. Aligning with this regulatory momentum, BDACS is co-developing a B2B cross-border trade settlement infrastructure powered by stablecoins to bridge digital assets with the real economy.

BDACS Co-Develops B2B Cross-Border Stablecoin Settlement Infrastructure

BDACS signed a partnership with Devall Company, operator of the B2B invoicing SaaS Chungoose, to co-develop a stablecoin-based cross-border trade payment and settlement infrastructure. The initiative establishes a one-stop loop where overseas buyers settle invoices in stablecoins such as USDT or USDC, which are then converted for local settlement. Using BDACS’s KRW-pegged stablecoin KRW1, the project aims to bridge on-chain transactions with off-chain finance to confirm the utility of stablecoins in trade settlement.

▶ Sources: BDACS Newsroom

Government Draft of Digital Asset Basic Act Expected in Early September

The Financial Services Commission (FSC) is expected to submit its official government draft of the Digital Asset Basic Act to the National Assembly’s National Policy Committee in early September. The foundational bill will define virtual asset business categories and establish stablecoin regulations, with ruling party lawmakers planning to fast-track committee review for year-end enactment.

▶ Sources: The Korea Economic Daily | Herald Corporation