US EditionFSC Chair Defends Proposed Crypto Exchange Ownership Caps in South Korea
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13 Articles
The institutionalization discussion surrounding the issuer of the Korean Won stablecoin is reaching a turning point. The Democratic Party of Korea recently held an internal meeting and effectively established its position on the plan to "preemptively allow a consortium with a majority stake in banks" and to expand private participation and development.
Korea Moves Closer to Nationwide Crypto Rules With New Digital Asset Bill
Korean media report that the Democratic Party has finalized the name of the legislation as the Digital Asset Framework Act, signaling that the country is nearing a unified approach to overseeing cryptocurrencies and stablecoins. Key Takeaways South Korea plans to submit the Digital Asset Framework Act before the Lunar New Year, bringing crypto and stablecoins under a unified regulatory system. Stablecoin issuers would face a minimum capital re…
South Korea Advances Digital Asset Bill Toward Formal
South Korea’s digital asset bill is advancing towards formal proposal, with lawmakers completing key parts of the bill. The ruling party confirmed the details of the Act, marking a major milestone towards developing clear guidelines on crypto activities in the country. According to the lawmakers, the title of the Act will be the Digital Asset Basic Act. The Act provides a regulatory framework for the operation of stablecoins. It provides the ope…
South Korea Proposes Crypto Exchange Ownership Cap; Upbit, Coinone May Reduce Stakes
South Korea’s Financial Services Commission Chairman Lee Eog-weon highlighted the need to limit ownership stakes of major shareholders in virtual asset exchanges. He said the move is necessary to align governance standards with the exchanges’ growing public role.The proposed ownership limits come amid broader regulatory moves in South Korea’s crypto market. The government is preparing to expand anti‑money laundering rules by extending the crypto…
South Korea finalizes draft of Digital Asset Bill
South Korea’s ruling party has finalized a Digital Asset Basic Act that tightens stablecoin rules with a ₩5b capital bar while signaling it wants to attract crypto business. South Korea’s ruling Democratic Party has finalized the draft of its long-awaited…
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