The legislative process of South Korea's Digital Asset Innovation Act has been delayed again

According to Digital Times, the legislative process of South Korea's Digital Asset Innovation Act has been delayed again, and the bill originally planned to be submitted this month has been postponed for 1-2 months due to differences in opinions between financial regulatory agencies and the industry. The bill aims to establish legal definitions for digital assets and Korean won stablecoins, and build a regulatory framework for the industry, which is considered a fundamental law in the field of digital assets in South Korea. Currently, South Korea has only passed the Virtual Asset User Protection Act with investor protection as its core in 2023, while basic legislation covering the entire industry chain such as issuance and circulation has been lacking for a long time. Although President Lee Jae ming expressed support for the development of the digital asset industry during his campaign, there are still controversies between regulatory agencies and the industry over key provisions such as the issuance of stablecoins and the division of powers for central bank digital currencies (CBDCs).