Korea Investors Service prepares to rate credit in digital finance

Korea Investors Service is developing criteria to assess credit risks in digital financial products as tokenized securities and stablecoins move deeper into mainstream finance. The Moody’s affiliate said digital products can face risks different from conventional ones even with the same credit rating. KIS outlined four risk categories and said its framework will reflect Korea’s legal and regulatory regime. The company discussed the plan at its first digital finance conference in Seoul.

KIS groups digital finance risks into platform risk, smart-contract risk, external risk and risks related to the representation of legal rights.

Stablecoins have expanded rapidly since 2020 to about $300 billion globally.

S&P focuses on redeemability, while Moody’s examines redemption capacity and the ability to maintain a stable value against fiat currencies.

The National Assembly is preparing to legislate the Digital Asset Basic Act, including debates over eligibility requirements for stablecoin issuers and a proposed 20 percent ownership cap on major shareholders of cryptocurrency exchanges.

Published Sep 21, 2026 3:22 pm KST

Participants at Korea Investors Service's digital finance conference speak during a media briefing at Conrad Seoul, Monday. Korea Times photo by Lee Yeon-woo

Korea Investors Service (KIS) is developing new criteria to assess the credit risks of digital financial products as tokenized securities and stablecoins become more integrated into the mainstream financial system.

The Moody's affiliate said Monday that digital financial products can carry risks that differ from those of conventional products, even when they have the same credit rating.

"While automation and instant settlement can reduce costs, reliance on the platforms, smart contracts and on-chain settlement that enable them can also create new channels through which disruptions and losses spread," Chung Hyuk-jin, head of KIS' credit standards group, said at a media briefing.

Chung said credit assessments of digital financial products should incorporate technological risks alongside traditional measures such as an issuer's repayment capacity, the credit quality of underlying assets, collateral and repayment priority.

KIS groups those risks into four categories: platform risk, smart-contract risk, external risk and risks related to the representation of legal rights.

Stablecoins have become a major focus globally as the market has expanded rapidly since 2020 to about $300 billion.

Kim Hong-mi, head of KIS' Structured Finance 2 Department, said global rating firms have already developed frameworks for assessing stablecoins. S&P focuses on redeemability, while Moody's examines both redemption capacity and the ability to maintain a stable value against fiat currencies.

KIS' own framework will depend in part on Korea's legal and regulatory regime, Kim said. Rules governing eligible reserve assets, asset weightings, average maturities and capital requirements could shape how stablecoins are assessed.

Qualitative factors may also play a role, including an issuer's shareholder base, the creditworthiness of its shareholders, business relationships and potential synergies, she said.

KIS makes its move into digital asset industry

KIS discussed the framework at its first digital finance conference Monday at Conrad Seoul. Participants included Mirae Asset Securities, Shinhan Financial Group, Binance, Dunamu, Toss Bank, Kim & Chang and Koscom.

"For the market to continue growing, speed and efficiency alone are not enough. Transparency, accountability, stability and comparable risk information must also be in place," said Patrick Yoon, CEO of KIS. "KIS will contribute to the sound development of financial markets by providing information the market can trust and balanced perspectives."

The National Assembly is preparing to legislate the Digital Asset Basic Act, which is intended to provide a comprehensive regulatory framework. Debates are ongoing over provisions involving eligibility requirements for stablecoin issuers and a proposed 20 percent ownership cap on major shareholders of cryptocurrency exchanges, among others.

随着代币化证券和稳定币逐渐融入主流金融体系，韩国投资者服务公司（KIS）正在制定评估数字金融产品信用风险的标准。这家穆迪旗下公司表示，即使信用评级相同，数字产品也可能面临与传统金融产品不同的风险。KIS概述了四类风险，并表示其评估框架将反映韩国的法律和监管体系。该公司在首尔举行的首届数字金融大会上讨论了该计划。

KIS 将数字金融风险分为平台风险、智能合约风险、外部风险和与法律权利代表相关的风险。

自 2020 年以来，稳定币迅速扩张，全球市值已达约 3000 亿美元。

标普关注可赎回性，而穆迪则考察赎回能力和对法定货币保持稳定价值的能力。

国民议会正准备立法制定《数字资产基本法》，其中包括对稳定币发行者的资格要求以及对加密货币交易所主要股东持股比例上限设定 20% 的提案等辩论。

发布于2026年9月21日下午3:22（韩国标准时间）

周一，在首尔康莱德酒店举行的韩国投资者服务公司数字金融大会媒体发布会上，与会者发表讲话。（韩国时报 李延宇 摄）

随着代币化证券和稳定币越来越融入主流金融体系，韩国投资者服务公司（KIS）正在制定新的标准来评估数字金融产品的信用风险。

穆迪旗下机构周一表示，即使信用评级相同，数字金融产品也可能存在与传统产品不同的风险。

“虽然自动化和即时结算可以降低成本，但对实现这些功能的平台、智能合约和链上结算的依赖也可能创造新的渠道，使中断和损失蔓延，”韩国信用评级机构（KIS）信用标准组组长郑赫镇在媒体简报会上表示。

Chung表示，对数字金融产品的信用评估应将技术风险与发行人的偿付能力、基础资产的信用质量、抵押品和偿付优先级等传统指标结合起来。

KIS 将这些风险分为四类：平台风险、智能合约风险、外部风险和与法律权利代表相关的风险。

自 2020 年以来，稳定币市场迅速扩张至约 3000 亿美元，成为全球关注的焦点。

韩国投资协会（KIS）结构融资2部门负责人金洪美表示，全球评级机构已经制定了评估稳定币的框架。标普侧重于可赎回性，而穆迪则同时考察赎回能力和对法定货币维持稳定价值的能力。

金表示，KIS自身的框架将在一定程度上取决于韩国的法律和监管体系。有关合格储备资产、资产权重、平均到期日和资本要求的规则可能会影响稳定币的评估方式。

她表示，定性因素也可能发挥作用，包括发行人的股东基础、股东的信用状况、业务关系和潜在协同效应。

KIS进军数字资产行业

KIS周一在首尔康莱德酒店举行的首届数字金融大会上探讨了该框架。与会者包括未来资产证券、新韩金融集团、币安、敦慕、Toss银行、金张银行和韩国金融科技股份有限公司（KOSCOM）。

“市场要持续增长，仅靠速度和效率是不够的。透明度、问责制、稳定性以及可比的风险信息也必须到位，”韩国信息服务社（KIS）首席执行官尹柏表示。“KIS将通过提供市场可信赖的信息和平衡的观点，为金融市场的稳健发展做出贡献。”

国民议会正准备立法制定《数字资产基本法》，旨在提供一个全面的监管框架。目前，关于稳定币发行者的资格要求以及加密货币交易所主要股东持股比例上限（20%）等条款的讨论仍在进行中。