FSC Revives South Korea's Digital Asset Framework Push with September Bill Target
The South Korean Financial Services Commission (FSC) has resumed work on the Digital Asset Basic Act, the second phase of the country's virtual-asset legislation. The FSC is considering introducing the government draft as a lawmaker-sponsored bill, led by Yoo Dong-soo, chairman of the National Assembly's Political Affairs Committee.
The key issues in the bill are who would be allowed to issue stablecoins and whether to restrict controlling shareholders' stakes in virtual-asset service providers. Differences persist within the ruling party over these ownership rules and their strictness.
The timetable for the Digital Asset Basic Act may slip due to other priorities, including revising the Capital Markets Act and establishing emergency intervention powers to address the single-stock leveraged ETF issue.