South Korea's ruling party to finalize stablecoin bill by Feb. 24

South Korea's ruling Democratic Party plans to finalize its proposal for the second phase of the Digital Asset Basic Act, which covers stablecoins, on Feb. 24, Edaily reported. Key points of contention in the bill are whether to include a rule requiring banks to hold a 50%+1 share and a 15-20% ownership cap for major shareholders of virtual asset exchanges. Some advisors to the party's digital asset task force have reportedly raised concerns about the ownership regulations. However, Han Jeong-ae, the party's Policy Committee Chairwoman, effectively confirmed yesterday that the party intends to push for decentralizing exchange governance.