South Korea's digital asset bill shortened, stablecoin rules delegated

South Korean financial authorities have significantly shortened the government's proposed Digital Asset Act, Maeil Business Newspaper reported. The draft has been reduced to 135 articles from an initial 171 prepared by the ruling party's task force. A National Assembly official suggested that the Financial Services Commission (FSC) likely removed provisions it was reluctant to implement or found difficult to execute immediately. Notably, regulations concerning bank-led stablecoin issuance, a key point of interest for the virtual asset and financial sectors, are now expected to be delegated to an enforcement decree rather than being specified directly in the act. The final version of the bill is scheduled for in-depth discussion at a meeting of the FSC's Virtual Asset Committee today, March 4.