South Korea's Democratic Party begins drafting its own digital asset bill

The ruling Democratic Party's Digital Asset Task Force has begun drafting a consolidated bill for digital assets, combining various proposals previously submitted by its members, Hankyung reported. This appears to be a proactive move to minimize the legislative vacuum as the government's proposed Digital Asset Basic Act faces delays due to disagreements between financial authorities and the National Assembly. Given the Democratic Party's history of actively incorporating the industry's perspective, its consolidated bill is expected to contain significant provisions that conflict with the government's proposal. A key point of contention will be the regulation of stablecoin issuance. The industry has strongly opposed the government's plan to restrict issuance to consortiums with majority bank ownership, and it remains a major question whether the party's bill will adjust this rule.