PANews January 26 News, according to Techinasia, the legislative process for South Korea’s second phase of the “Virtual Asset Act” has been delayed due to disputes over key provisions. The bill aims to comprehensively regulate digital assets, including stablecoins. The main points of contention focus on two aspects: first, the qualification of issuers of Korean won stablecoins, whether they should be led by banks or authorized enterprises; second, whether to relax the restrictions on separating financial and virtual asset businesses to encourage innovation. Additionally, the bill proposes setting a 15%-20% cap on the shareholding of major shareholders in exchanges, which critics argue is too restrictive.
Due to the legislative delay, discussions related to spot virtual asset ETFs and the promotion of virtual asset trading by listed companies have also been put on hold. Currently, government agencies, industry participants, and political groups are still in negotiations.
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