According to Yonhap News Agency, South Korea's "Digital Asset Basic Act" government bill may be delayed until next year, with expectations to include stronger investor protection and stablecoin regulation provisions, such as requiring stablecoin issuers to hold reserves of over 100% and custody them in banks or government bonds, digital asset service providers to bear "no-fault compensation liability" in cases of hacking or system failures, and allowing domestic issuance and sales of digital assets under the condition of information disclosure. However, due to disagreements between the Bank of Korea and the Financial Services Commission on key issues such as stablecoin issuer qualifications, regulatory coordination mechanisms, and capital standards, the legislative process has been postponed.
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According to Yonhap News Agency, South Korea's "Digital Asset Basic Act" government bill may be delayed until next year, with expectations to include stronger investor protection and stablecoin regulation provisions, such as requiring stablecoin issuers to hold reserves of over 100% and custody them in banks or government bonds, digital asset service providers to bear "no-fault compensation liability" in cases of hacking or system failures, and allowing domestic issuance and sales of digital assets under the condition of information disclosure. However, due to disagreements between the Bank of Korea and the Financial Services Commission on key issues such as stablecoin issuer qualifications, regulatory coordination mechanisms, and capital standards, the legislative process has been postponed.