South Korea Sets November Review for Second-Stage Crypto Laws

South Korea’s Financial Services Commission has locked in a November timeline for reviewing the Digital Asset Framework Act. This schedule addresses recent claims that the second stage of crypto legislation is facing significant delays.

Seo Na yoon, head of the FSC’s virtual asset division, stated that regulators and lawmakers are aligned on the direction of the rules. She emphasized that the November review remains a fixed part of the planned timetable despite ongoing debates.

Ten pending bills shape legislative progress

Ten digital asset and stablecoin bills currently await decision in the National Assembly. These existing proposals provide a foundation for discussions before the government finalizes its own draft version.

Lawmakers from both the Democratic Party and the People Power Party have introduced separate bills. The FSC intends to consolidate these proposals into a single framework to accelerate the legislative process.

According to cryptonews.net, a public hearing on the act is expected by the end of September. This step will precede the formal subcommittee review scheduled for the following month.

Bank-led stablecoin model gains regulatory support

Stablecoin issuer eligibility remains a central issue in the current legislative negotiations. The Bank of Korea supports a structure where banks lead the issuance of won-denominated stablecoins.

The central bank cites potential effects on monetary policy and financial stability as reasons for this preference. It expects banks to manage these assets through consortiums to maintain system integrity.