South Korea Delays Crypto Bill over Stablecoin Concerns: Report
South Korea has reportedly delayed submitting its cryptocurrency bill, which would allow domestic stablecoin issuance, until 2026 due to unresolved disagreements.Summary
South Korean lawmakers have reportedly postponed the submission of the Digital Asset Basic Act, which aims to permit the issuance of stablecoins pegged to the won, until 2026. The delay stems from major unresolved issues and disagreements with relevant organizations, particularly concerning stablecoin issuers.
Under the proposed bill, stablecoin issuers would be mandated to entrust all their reserve assets to authorized custodians, such as banks. Disagreements specifically arose over whether a group of organizations should be authorized to oversee these issuers before approval. The Financial Services Commission is currently reviewing the proposal and is also considering limiting the role of financial institutions to encourage greater participation from technology companies.
Addressing local stablecoin issuance was a key promise made by President Lee Jae-myung before taking office in June, who also supported the national pension fund investing in digital assets.
(Source：Cointelegraph)