South Korea Announces Digital Assets Basic Law to Be Finalized by Year-End

According to Newsis, South Korea's Financial Services Commission announced on July 15 that it will finalize a Digital Assets Basic Law by year-end to regulate the digital asset industry, establish fair and efficient markets, and strengthen user protection. The law will also institutionalize stablecoins and strengthen anti-money laundering (AML) regulations.

Key contentious issues remain unresolved, including whether banks should hold a majority stake (50%+1) in stablecoin issuers and whether exchange major shareholders should be capped at 15-20% ownership. The industry has raised concerns that bank-centric rules and ownership restrictions could hinder innovation and competitiveness.