PANews reported on July 15 that according to Digital Times, the legislative process of South Korea's "Digital Asset Innovation Law" has been further delayed. The bill originally planned to be submitted this month has been postponed by 1-2 months due to disagreements between financial regulatory agencies and industry opinions. The law aims to establish legal definitions for digital assets and Korean won stablecoins and construct an industry regulatory framework, and is considered a foundational law in South Korea's digital asset field.
Currently, South Korea has only passed the "Virtual Asset User Protection Law" in 2023, focusing on investor protection, while the basic legislation covering the entire industry chain, including issuance and circulation, has long been absent. Although President Lee Jae-myung expressed support for digital asset industry development during his election campaign, regulatory agencies and the industry still have disputes over key provisions such as stablecoin issuance entities and the division of central bank digital currency (CBDC) permissions.
