South Korea's ruling party to draft its own stablecoin bill

The Democratic Party, South Korea's ruling party, is discussing its own version of a second-phase digital asset bill focused on stablecoins, according to a report from SBS Biz. Lawmaker Lee Jeong-moon of the party's Digital Asset Task Force stated that even if the government does not submit a unified proposal today, the party will move forward by consolidating the key issues from five previously proposed bills to create its own draft. Key points of contention include defining which entities are permitted to issue stablecoins and placing limits on the stakes of major shareholders in digital asset exchanges. Should these issues be resolved and the bill drafted today, the Democratic Party plans to discuss it alongside proposals from the opposition People Power Party and the government during a National Assembly National Policy Committee meeting next month.