South Korean lawmaker questions govt's crypto commitment amid bill delay

Rep. Kim Sang-hoon of the People Power Party has questioned the government's commitment to vitalizing the digital asset market, pointing to delays in its proposed basic act on digital assets, Money Today reported. Speaking at a meeting of the National Assembly's National Policy Committee, Kim asked when the bill would be introduced, stating that the industry is waiting for the government to provide a catalyst for the market. He suggested the delay may be due to the sudden inclusion of an unprecedented proposal to restrict the post-facto stakes of major shareholders in crypto exchanges, which he said was added during discussions on other issues like who should be permitted to issue won-denominated stablecoins. Kim also emphasized that while both the ruling and opposition parties have related task forces, there appear to be disagreements even within the ruling party. South Korea's Financial Services Commission had initially targeted the first quarter of this year for the bill's passage.