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 regulatory agencies and the industry. The bill aims to establish a legal definition of digital assets and Korean won 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 the 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 controversies over key provisions such as the issuing bodies of stablecoins and the delineation of central bank digital currency powers.