■ South Korea Delays Crypto Bill Over Stablecoin Concerns
South Korean lawmakers have postponed submission of the Digital Asset Basic Act, which could allow domestic stablecoin issuance, citing unresolved issues.
■ Key points:
The bill would allow stablecoins pegged to the won and require issuers to entrust reserves to authorized custodians, such as banks.
Disagreements remain over whether a regulatory body should oversee stablecoin issuers prior to approval.
The Financial Services Commission is reviewing the proposal while considering limiting bank roles to encourage tech company participation.
■ Political context:
Issuing local stablecoins was one of President Lee Jae-myung’s promises before taking office in June.
■ Next steps:
Officials expect the bill to be submitted sometime in 2026, but resolution on stablecoin oversight remains critical.