South Korean opposition lawmaker proposes bill allowing crypto derivatives

Kim Jae-seob, a lawmaker from South Korea's opposition People Power Party, has introduced the Digital Asset Market Integration Act, Digital Asset reported. The proposal is the third industry-specific crypto bill to be submitted to the National Assembly and the first to originate from an opposition party. The bill's provisions include defining digital assets, establishing a licensing and registration system for businesses, and setting rules for governance and internal controls. It also addresses user asset protection, unfair trading regulations, stablecoin issuance and redemption obligations, special provisions for digital asset derivatives, and the creation of a prime brokerage system.