South Korean lawmaker urges stablecoin law, excluding exchange ownership rules

Representative Kim Sang-hoon, chairman of the People Power Party's Special Committee on Stock and Digital Asset Value-Up, is calling for the swift enactment of the second phase of the Digital Asset Basic Act, focusing on stablecoins while excluding proposed restrictions on crypto exchange ownership, Edaily reported. Kim said he feels a sense of responsibility for the significant delays in drafting the government's version of the bill. He emphasized that he would do his best to ensure a globally competitive digital asset bill is prepared as soon as possible.