According to PANews, the legislative process of South Korea's (Digital Asset Innovation Act) has been delayed by 1-2 months due to disagreements between financial regulatory agencies and the industry. The bill aims to establish a legal definition for digital assets and Korean won stablecoins, as well as to build a regulatory framework for the industry.
Currently, South Korea has only passed the (Virtual Asset User Protection Act) in 2023, which focuses on investor protection, while fundamental legislation covering the entire industry chain, including issuance and circulation, has long been absent. Although President Yoon Suk-yeol supports the development of the digital asset industry, there are still disputes over key provisions such as the issuing entities of stablecoins and the division of powers regarding central bank digital currencies.