2026 the bell Stablecoin Forum
BDACS, the largest institutional digital asset custodian in South Korea, announced that CEO Harry Ryoo outlined the essential prerequisites for the commercialization of Korean Won (KRW) stablecoins during the 2026 the bell Stablecoin Forum. He identified the deregulation of foreign exchange (FX) policies as the most critical factor for global scalability.
Held on the 22nd at The Plaza Hotel in Seoul, the forum explored the theme “Conditions for Digital KRW: Issuance, Circulation, and Trust.” Ryoo participated in a prominent panel discussion moderated by Hashed Partner Simon Kim, joining global industry leaders including Utah State Senator Kirk A. Cullimore Jr., Circle APAC VP David Katz, and Avalanche AvaCloud CEO Nick Mussallem.
Capital Controls as the Primary Hurdle
Drawing from BDACS’s unprecedented experience in issuing KRW1, a KRW-pegged stablecoin, Ryoo noted that South Korea’s technological and financial infrastructures are already fully prepared for stablecoin integration. The true bottleneck lies in strict capital controls.
For a KRW stablecoin to achieve global utility, foreign entities must be able to acquire and circulate it seamlessly. However, current FX regulations make it exceedingly difficult for foreign nationals to open domestic KRW accounts or process cross-border transfers. Ryoo expressed optimism that the government is gradually reviewing these systems to allow foreign access to domestic bank accounts. This regulatory shift aims to transition the KRW from a heavily restricted currency into one that can be freely utilized in global digital asset markets.
Overcoming Legal Ambiguity for TradFi Integration
During the session, Ryoo also highlighted the stagnant legal status of digital assets in South Korea. Currently, digital assets are not formally classified as commodities, securities, or fiat currencies, but are instead treated broadly as “digital certificates.”
This legal ambiguity remains the highest barrier preventing traditional finance (TradFi) institutions from entering the space. Ryoo emphasized that officially classifying digital assets as a legitimate asset class is an urgent requirement. Establishing clear regulatory frameworks is essential for institutions to securely manage and adopt these assets.
Correcting a Distorted Market Structure
Addressing the structural limitations of the domestic industry, Ryoo pointed out that prolonged regulatory uncertainty has forced the Korean digital asset market to grow with an overwhelming focus on retail trading. This has resulted in a distorted market structure compared to the institutional focus seen in global markets.
He strongly advocated for the timely enactment of Phase 2 of the Digital Asset Basic Act. A robust legal foundation will enable TradFi institutions, tech firms, and digital asset enterprises to collaborate and innovate securely. Ryoo reaffirmed that BDACS remains committed to playing a pivotal role in building this institutional infrastructure.
About BDACS
BDACS is the first company in South Korea to successfully issue a KRW-pegged stablecoin (KRW1), rigorously verifying its issuance and circulation viability across multiple blockchain platforms. KRW1 operates with institutional-grade security, holding a 100% reserve of fiat KRW in domestic commercial bank accounts. As of March this year, BDACS surpassed 80 billion KRW in Assets Under Custody (AUC), solidifying its position as the largest institutional digital asset custodian in South Korea.
