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South Korean lawmakers are moving to seize control of the nation’s stalled second phase of digital asset legislation, aiming to bypass months of interagency gridlock and introduce a comprehensive regulatory framework by January. The legislative acceleration comes as Seoul races to align with global standards following the implementation of the U.S. GENIUS Act in July, a shift that has intensified pressure on local regulators to formalize oversight of the crypto sector. According to a report from the Maeil Business Newspaper, the ruling Democratic Party of Korea (DPK) plans to introduce the Digital Asset Basic Act as a lawmaker-sponsored bill rather than wait for a government submission. The procedural move is intended to ensure that formal deliberations can begin during the February provisional session. Lawmaker Kang Jun-hyeon, a DPK member of the National Policy Committee, told reporters on Dec. 11 that relying on the government’s timeline would jeopardize passage of the bill in the first half of next year. Kang cited points of disagreement among the parliament, the government, and industry stakeholders. Among the authorities, in particular, a standoff between the Bank of Korea (BOK) and the Financial Services Commission (FSC) over monetary policy and issuance authority has been a key source of delay.Photo by Lauren Seo on UnsplashDraft sets ‘major’ stablecoin requirementsAt the heart of the legislation is a new classification system for stablecoins. The government delivered its draft for the Digital Asset Basic Act to DPK’s Digital Asset Task Force, outlining its intention to classify won-denominated stablecoins exceeding a certain issuance threshold as “major digital payment tokens.” According to Blockmedia, citing sources familiar with the closed-door briefing to the task force, these assets would fall under a rigorous oversight framework developed in consultation with the central bank. Under the draft rules, issuers would be required to maintain 100% reserves, prohibited from making interest payments to holders, and obliged to submit detailed issuance plans to the FSC. Foreign-issued stablecoins would only be permitted to circulate domestically if the issuer establishes a local branch. Although the government ultimately submitted its draft to the DPK, the delivery was delayed by two days, missing the Dec. 10 deadline set by the party. Officials attributed the postponement to unresolved interagency disagreements. The central bank had argued that any issuance should require unanimous approval from all relevant agencies, including itself, but the government agreed to involve the bank only when a token is designated as “major.” The Bank of Korea continues to advocate for a bank-led consortium issuance model, highlighting the coordination challenges that have complicated the bill’s preparation. Supply thresholds emerge as fault lineCritics warn that the proposed regulations could inadvertently tilt the market against domestic innovation. Analysts argue that if the threshold for the "major" designation is set too low, new won-based issuers may face compliance costs that could undermine their business viability before they reach meaningful scale. They added that setting the bar for entrenched dollar-backed issuers such as USDT and USDC is also complex, given that their combined global issuance already exceeds $250 billion. Market participants said concerns about triggering the “major” designation could prompt Korean issuers to cap supply to avoid heightened scrutiny, effectively stifling growth from the outset. Despite these concerns, political will to close the policy vacuum is hardening. The DPK intends to move the legislation forward on its own timetable, incorporating the government’s input but steering the process through parliament. Lawmaker Kang emphasized that while numerous issues remain, the task force aims to narrow the debate to a few essential questions before the bill’s planned introduction in January. Industry representatives have largely welcomed the clearer timeline, viewing the move as a necessary step to reduce uncertainty as the global crypto sector comes under more formal regulatory oversight. 

FanC – a South Korean blockchain reward project designed for creators and users of the Watch-to-Earn short-form video app CELEBe – has signed a business agreement with Coins.ph, the largest cryptocurrency exchange in the Philippines. Through this agreement, the two companies aim to expand their respective global ecosystem through fanC’s rewards system, according to an article by local news outlet Daehan Kyungjae.Photo by Lance Anderson on UnsplashEmpowering creators and rewarding viewersThe CELEBe app aims to bring content creators and viewers together through Create-to-Earn and Watch-to-Earn mechanisms. The platform has notably collaborated with some 4,000 well-known figures, ranging from actors and singers to YouTubers and athletes. Connecting communitiesUnder the agreement, fanC's reward token (FANC) will be available for trading on Coins.ph, allowing fanC to deepen its roots not only in the Filipino market but also in the larger Asian blockchain community. "This agreement marks an important step in fanC's global expansion strategy," said Lee Dong-ho, CEO of fanC. "Through our collaboration with Coins.ph, we will build a stronger global network." Meanwhile, fanC plans to continue to strengthen its partnership with Coins.ph through activities like global meetings to lead the growth of its global fan community. The platform is thus committed to consistent technological development and innovation through collaborations with various global partners. Through these efforts, it aims to provide new value by building an ecosystem that connects the global blockchain community.

As Excitement for First US Spot Bitcoin ETF Intensifies, South Korea Still Faces Mountain to ClimbThe price of bitcoin has surged significantly as it recorded an 18% increase in the past week, spurred by mounting anticipation surrounding the US’ first spot bitcoin exchange-traded fund (ETF) propelled by asset management juggernauts BlackRock and Fidelity Investments — a threshold that had not been crossed in over a year. According to CoinMarketCap, bitcoin is trading in the upper $33,000 range as of 5 p.m. KST on Wednesday.Photo by André François McKenzie on UnsplashOngoing buildupThe approval of a spot bitcoin ETF — long rejected or delayed due to a plethora of reasons like the volatility of cryptocurrencies and their susceptibility to market manipulation — would in the long run open up the possibility for institutions to earmark bitcoin as a major asset that can be integrated into the sphere of traditional finance. This would make bitcoin easier to handle and increase its exposure to traditional investors. “The mere possibility of this development marks a significant shift in the market landscape,” said an unnamed executive at a Korean asset management company in a news article by South Korean news outlet Maeil Business Newspaper.BlackRock’s spot bitcoin ETF, the iShares Bitcoin Trust, was also listed on the US Depository Trust & Clearing Corporation (DTCC)’s website with the ticker symbol IBTC on Monday before it mysteriously disappeared the following day. It has since been relisted on the website. The listing is “all part of the process of bringing ETF to market”, as explained by Bloomberg’s senior ETF analyst Eric Balchunas via his X (formerly Twitter) account on Tuesday.Is a spot bitcoin ETF on the table for Korea?However, Korean experts believe that there are still numerous hurdles to overcome in order for a spot bitcoin ETF to settle in Korea. In particular, some question whether cryptocurrency platforms that offer custodial services can even be classified as exchanges. There is also the issue of bitcoin’s varying prices across different exchanges. Its current price on Upbit, the country’s largest crypto exchange, is in the KRW 45.9 million range as of 5 p.m. on Wednesday. Local financial authorities have reportedly expressed skepticism about bitcoin ETFs for these reasons, suggesting a murky future for this development becoming a reality in Korea.