South Korean ruling party, gov't to discuss digital asset bill on March 5

South Korea's ruling party and government officials will hold a council meeting on March 5 to discuss the second phase of virtual asset legislation, known as the Digital Asset Basic Act, Digital Asset reported. This marks the first such meeting on the bill in three months, following a session on Dec. 1 of last year. The discussion comes after the ruling Democratic Party's Digital Asset Task Force held a meeting today, March 3, to coordinate on key issues. Additionally, the Financial Services Commission is scheduled to hold its first virtual asset committee meeting of the new administration on March 4. The main points of contention include restrictions on the stakes of major shareholders in digital asset exchanges and the types of entities permitted to issue stablecoins. The outlet noted that the legislative process is expected to face hurdles due to strong opposition from the industry and serious concerns from academia, adding that the primary sponsor of the bill has not yet been determined.