Uncertainty clouds South Korea’s virtual asset legislation as committee resumes

Uncertainty remains high over South Korea’s proposed Digital Asset Basic Act even as the National Assembly’s National Policy Committee resumes full operations and is set to hold a Financial Services Commission briefing and pending-issues questioning today, Newdaily Economy reported. A total of 10 related bills sponsored separately by lawmakers from the Democratic Party and the People Power Party are pending in the National Assembly. While lawmakers’ proposals covering issuance, distribution, disclosures and business regulation have accumulated, the Financial Services Commission has yet to unveil a government bill that would unify them into a single framework. An industry official said repeated debate over the same issues is likely unless the government sets out its principles on stablecoin issuers and rules on exchange ownership stakes, according to the outlet.