Partner Attorney Sinyoung Choi of Cha & Kwon Law Offices evaluated the implementation of the digital asset lending service guidelines in September 2025 as a significant step toward regulating lending-based products in the Korean digital asset market. The guidelines were introduced as a form of self-regulation by the Digital Asset eXchange Alliance (DAXA) and were finalized following administrative guidance from the Financial Services Commission and on-site inspections by the Financial Supervisory Service. The initiative aims to address regulatory uncertainty and restore market order amid concerns over excessive competition and leverage-based lending that could harm users.
 
The guidelines are structured around three main pillars: service scope, investor protection, and market stability. In particular, they restrict leverage-based lending that exceeds collateral value and prohibit lending structures that require repayment based on the KRW value at the time of borrowing. The framework also establishes the principle that exchanges should provide lending using their own assets while limiting indirect lending through third parties. In addition, new users must complete online education and suitability tests, and individual lending limits are introduced to enhance investor protection.
 
Attorney Choi explained that the guidelines carry a multilayered legal character because they combine self-regulation with administrative guidance. While formally a self-regulatory measure, the involvement of financial authorities and supervisory oversight suggests that the framework will likely function as a de facto market standard. Furthermore, the authorities have announced plans to pursue legislative codification based on the implementation results, indicating that the current guidelines may evolve into a formal legal regime.
 
She also noted that the restrictions on monetary-type lending and the annual interest rate cap of 20 percent reflect an effort to align the framework with Korea’s existing lending regulations under the Loan Business Act and the Interest Limitation Act. Attorney Choi emphasized that digital asset service providers should restructure their product designs to eliminate leverage features and monetary lending structures, while strengthening internal controls and risk management procedures to ensure regulatory compliance. (디지털에셋 2025. 10. 5)

URL: 가상자산 대여 서비스 가이드라인 시행의 법적 평가와 실무 대응 < 디애셋프로 < 마켓 < 기사본문 - 디지털애셋 (Digital Asset)