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The draft of the South Korean "Digital Assets Basic Law" will include investor protection measures, but its submission has been postponed until next year due to controversy
BlockBeats News, December 30th, according to Yonhap News Agency, the South Korean government is preparing the "Digital Asset Basic Law" (Virtual Asset Act 2) which will include investor protection measures such as no-fault liability of digital asset operators and bankruptcy risk isolation of stablecoin issuers. The law will require stablecoin issuers to deposit reserve assets with banks or other management institutions, and deposit or trust more than 100% of the issuance balance.
However, due to differences between the Financial Services Commission and South Korean banks on key issues such as the issuer of stablecoins and the regulatory authority, the submission of the government proposal will be delayed until next year. The Financial Services Commission stated that it is currently working to gradually narrow the gap in positions with relevant institutions.
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