The introduction of a stablecoin invoice pioneered by South Korean President Lee Jae-myung will reportedly be delayed into 2026 after issues about issuers.
South Korean lawmakers have reportedly delayed submission of a cryptocurrency bill that could allow the issuance of domestic stablecoins as key issues remain unresolved.
According to a Tuesday Yonhap News report, officials in South Korea’s government were continuing to work on the Digital Asset Basic Act, but expected to submit the bill sometime in 2026. The reported delay was due to “major issues that raise disagreements with relevant organizations, including stablecoin issuers.”
The invoice, proposed by the nation’s ruling Democratic Occasion in June, would allow the issuance of stablecoins pegged to the received and is predicted to spice up South Korea’s crypto market. Beneath the proposed invoice, stablecoin issuers would reportedly be required to entrust all their reserve belongings to licensed custodies, like banks.
In accordance with the report, the disagreements over the crypto invoice included whether or not it was essential to authorize a gaggle of organizations to supervise stablecoin issuers previous to approval. The nation’s Monetary Companies Fee is reviewing the proposal, but additionally contemplating limiting monetary establishments’ function in stablecoins to encourage participation from know-how corporations.
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Addressing the issuance of native stablecoins was one in all South Korean President Lee Jae-myung’s guarantees to residents previous to being sworn into workplace in June. He additionally advocated for the nation’s nationwide pension fund to spend money on digital belongings and backed the issuance of exchange-traded funds tied to Bitcoin (BTC).
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