According to PANews, the legislative process of South Korea's (Digital Asset Innovation Act) has been delayed by 1-2 months due to differences in opinions between financial regulators and the industry. The bill aims to establish a legal definition for digital assets and won currency stablecoins, and to construct an industry regulatory framework.
Currently, South Korea has only passed the (Virtual Asset User Protection Act) in 2023, which focuses on investor protection, while there has been a long-term lack of basic legislation covering the entire industry chain, including issuance and circulation. Although President Yoon Suk-yeol supports the development of the digital asset industry, there are still controversies over key provisions such as the issuance of stablecoins and the division of authority for central bank digital currencies.