South Korea's ruling party targets January passage for new digital asset act

South Korea's ruling Democratic Party and the Financial Services Commission (FSC) discussed the direction for a new Digital Asset Basic Act in a closed-door meeting on Dec. 1, the Maeil Business Newspaper reported. According to Democratic Party lawmaker Kang Jun-hyeon, a consensus was reached on the issuance of won-backed stablecoins through a consortium model. Under the plan, banks would hold a stake of over 50% in any such consortium, a structure that coordinates the positions of the Bank of Korea, the FSC, and the banking sector. Kang added that the party has requested the government to submit its official proposal by Dec. 10. He stated that if the deadline is missed, lawmakers will introduce their own bill with the goal of passing the legislation during an extraordinary session of the National Assembly in January.