Darling, gather round! The submission of South Korea’s long-awaited (and, frankly, rather tardy) crypto bill has hit yet another snag, thanks to the utterly divine disagreements between the main regulatory agencies. Oh, the drama! Stablecoin issuers, my dear, are at the heart of this spectacular standoff. 🍿
South Korea’s Digital Assets Act: Delayed, Darling!
On a Tuesday, no less-when one is simply too busy sipping champagne to bother with such trifles-local news outlets trilled that the Second Phase of the Virtual Asset User Protection Act will be delayed until next year. Financial authorities, it seems, are still clashing over stablecoin issuance legislation. How très banal! 🥱
According to the ever-so-reliable Yonhap News Agency, financial circles and the National Assembly whispered on December 30 that the main policies of this crypto framework have been largely decided. Largely, mind you-not entirely. How typical! 🧐
The Financial Services Commission (FSC), bless their hearts, is expected to include such dull investor protection measures as no-fault liability for crypto asset operators and isolation of bankruptcy risks for stablecoin issuers. Yawn. 🛌
Stablecoin issuers, those poor dears, will likely be forced to manage reserve assets in deposits and government bonds. And, horror of horrors, they must deposit or entrust at least 100% of the issuance amount with custodians like banks. How utterly unimaginative! 💼
The bill may also require crypto asset operators to comply with disclosure obligations and terms and conditions. And, in a truly dramatic twist, it might impose strict liability for damages in cases of hacking or system failures. Oh, the humanity! 🤦♂️
Despite all this, the key issues remain unresolved, suggesting the final submission deadline will likely be pushed to the start of 2026. Another year of waiting, darlings. How ever shall we cope? 🗓️
Stablecoin Issuance Dispute: The Saga Continues
As reported by the ever-so-charming Bitcoinist, the Financial Services Commission failed to submit the highly anticipated Digital Assets Act, which was to address the issuance and distribution of Korean won (KRW)-pegged stablecoins. Oh, the scandal! 🎭
The financial regulator missed the December 10 deadline set by the South Korean ruling party. How très awkward! The bill was delayed after the FSC and the Bank of Korea (BOK) couldn’t resolve their tête-à-tête over won-denominated stablecoins. Three weeks ago, darling-ancient history! 🕰️
The FSC and BOK, those stubborn darlings, disagree on the extent of banks’ role, despite agreeing that financial institutions must be involved. The central bank insists on a consortium of banks owning at least 51% of any stablecoin issuer. How old-fashioned! Meanwhile, the FSC frets that this could stifle innovation. Oh, the horror of it all! 🚫
Yonhap News Agency, always in the know, highlighted other disagreements, including initial capital requirements for stablecoin issuers-ranging from 500 million to 25 billion won. And, of course, the debate over separating issuance and distribution functions. How utterly tedious! 💤
An FSC official, bless their little heart, asserted they are “gradually narrowing the differences” while “discussing all possibilities with an open mind.” How very diplomatic! 🧘♂️
The ruling party’s Digital Asset Task Force, not to be outdone, is allegedly preparing its own version of the bill. How delightfully dramatic! The government’s proposal, we’re told, should be announced by early next month. At the latest, darling. January 2026, mark your calendars! 📅
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2025-12-31 09:30