South Korean ruling party task force finalizing basic act on digital assets

The Democratic Party of Korea's Digital Asset Task Force (TF) is in the final stages of drafting its second-phase legislation, a basic act on digital assets, Digital Asset reported exclusively. The TF reportedly plans to consolidate five related bills from its member lawmakers and submit the unified proposal to the party's policy committee this week. Following coordination with the government, Policy Committee Chairwoman Han Jeong-ae is expected to sponsor the bill. However, the legislative process may face hurdles. South Korea's Financial Services Commission is pushing to limit the stake of major shareholders in digital asset exchanges to between 15% and 20%, a level similar to that for Alternative Trading Systems (ATS). In contrast, TF members and industry representatives are reportedly hesitant or opposed to this measure.