South Korea digital asset bill stalls over stablecoin oversight
South Korea's government is facing challenges in introducing a digital asset law due to disagreements over stablecoin oversight and shareholder limits in virtual asset exchanges. Lawmakers are focused on the management and supervisory framework for stablecoins post-issuance. Previous discussions centered on who can issue stablecoins and the required reserve assets and prudential measures for issuers. However, concerns have arisen regarding insufficient dialogue on monitoring stablecoins to prevent money laundering and illegal transactions once in circulation. The Financial Services Commission plans to submit the proposal to the National Assembly this month, but the timeline for the bill's introduction remains uncertain as key issues are unresolved.
-- Price
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