According to PANews, the legislative process for 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 for digital assets and Korean won stablecoins, and 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 the foundational 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 issuers of stablecoins and the division of authority for central bank digital currencies.