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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.

Politics

Song Gi-heon elected chair of science, ICT and broadcasting committee for second half

South Korea\'s National Assembly elected three-term Democratic Party lawmaker Song Gi-heon as chair of the Science, ICT, Broadcasting and Communications Committee for the second half of the 22nd parliament. Song said he would work hard to deliver results on science and technology and on broadcasting issues. The assembly voted on 11 standing committee chair appointments as 167 lawmakers from the governing bloc participated, while the People Power Party walked out in protest.

Crypto

Local elections over, but digital asset framework act still unclear

Expectations are rising that talks on a basic law for digital assets will resume after South Korea’s June 3 local elections, but passage this year remains uncertain. Review depends on finalising the National Assembly’s second-half leadership and restructuring the political affairs committee. The government’s proposal is seen as a key variable and could revive disputes over exchange shareholder limits and won-based stablecoin issuance. Industry and regulators remain divided over priorities.