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South Korea’s Democratic Party plans to push for passage of the government’s Digital Asset Basic Act bill by December after receiving a government draft on stablecoin-related provisions this month, Edaily reported.
Speaking in a congratulatory address at a forum held at the National Assembly Library today, Democratic Party lawmaker Lee Kang-il of the National Policy Committee said government authorities, referring to South Korea’s Financial Services Commission, had indicated they would provide the government draft in November and added that he would try to see it passed by December. The Digital Asset Basic Act is a comprehensive bill covering the broader virtual asset ecosystem, including issuance, distribution, disclosure and listing. Views remain divided over whether to cap shareholdings by major shareholders of virtual asset exchanges and whether stablecoin issuers should take the form of consortiums in which the banking sector holds a majority stake of 50% plus one share. The Financial Services Commission said in its presidential briefing this year that it aims to process the bill within the year.