South Korea's "<i>Digital Asset Basic Law</i>": The issuer of a stablecoin will be limited to a "<i>consortium with a bank holding a 51% stake</i>" as the main direction.

BlockBeats News, December 3rd, according to News1, in the process of formulating the second-stage legislation of digital assets (virtual assets) in South Korea by the government and the National Assembly, the issuer of stablecoins will be limited to a "consortium of banks holding a 51% stake" as the main direction. The currently discussed solution is to grant the stablecoin issuance right to a consortium of banks holding a 51% stake. The Digital Asset Special Task Force (TF) within the Democratic Party is also inclined to adopt this solution.

Previously, regarding the issuer of stablecoins, Korean banks advocated for bank-led issuance and limitation to the banking system, while some members of the National Assembly believed it should be open to fintech and blockchain companies. The government's draft bill is required to be submitted no later than the 10th of this month, with the goal of initiating discussions by the end of the year and completing the legislation by January next year.