South Korean lawmaker apologizes for delay in digital asset framework bill

South Korean Democratic Party lawmaker Min Byoung-dug apologized for the delay in establishing a basic law on digital assets at a seminar on the future of finance on blockchain held at the National Assembly Members’ Office Building today, Etoday reported. Min said there was broad consensus that the legislation should not be delayed any further and expressed hope that meaningful progress could be made this time. Discussions on the bill include rules for stablecoin issuance and distribution. South Korea’s Financial Services Commission plans to first push tokenization of institutional investor-only private money market funds and corporate bonds in February, then expand to onchain payments settled with stablecoins.