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Crypto

U.S. CLARITY Act stalls, raising questions for South Korea\'s digital asset framework bill timeline

The U.S. Senate failed to advance the CLARITY Act, a bill to define oversight of digital assets by the SEC and CFTC, after a procedural vote fell short of the 60 votes needed. Market participants in South Korea say the delay could become a variable in talks on the country’s digital asset framework bill, where issues such as won stablecoins, exchange and custody rules are being debated. South Korea’s Democratic Party says it remains committed to passing the bill this year.

Crypto

Democratic Party says it will prepare digital asset framework act within year, hold hearing soon

South Korea\'s Democratic Party reiterated its intent to enact a digital asset framework act within the year, saying a legal basis should come first and be supplemented later. Lawmaker Min Byung-deok said delays are leaving the country without adequate rules as global markets move quickly. Another lawmaker, Ahn Do-geol, called for formalising digital asset-linked products with investor protections and cited issues such as volatility, trading-hour gaps and on-chain risks. He also highlighted stablecoin legislation and plans for hearings.

Crypto

Australia steps up crypto regulation, sanctions from October for unlicensed firms

Australia\'s financial regulator has issued a final warning to cryptocurrency firms operating under a temporary regulatory reprieve to move quickly to apply for financial services licences. Firms that need an Australian Financial Services licence must apply for a new licence or seek changes to an existing one by Sept. 30, or face possible sanctions including fines of up to 10 percent of annual revenue. Separate licence categories have additional notification and consultation requirements.