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Crypto

South Korea government, ruling party step up push for digital asset framework law this year

South Korea aims to complete digital asset legislation this year, and the ruling Democratic Party is pushing to submit a government-party package in September. A senior Financial Services Commission official said stablecoin legislation will be wrapped up quickly and will cover definitions, market rules and user protection. Key sticking points include who can issue won-based stablecoins, licensing and reserve management, AML rules, and limits on major shareholders of exchanges. The party plans to rebuild its task force after August leadership appointments.

Finance

Shinhan Financial discusses expanding entry into Uzbekistan financial market

Shinhan Financial Group discussed ways to expand investment and financial cooperation with Uzbekistan, including support for Korean companies entering the country and efforts to develop the local financial market. The group met a delegation led by Uzbekistan\'s minister of investment, industry and trade in Seoul, and also discussed steps toward establishing a Shinhan Bank entity in Uzbekistan. Shinhan Financial is also reviewing a joint expansion with Shinhan Card.