Democratic Party ‘Digital Asset Innovation Act’ proposal postponed to September…Financial authorities and industry feedback incorporated

The "Digital Asset Innovation Act" by the Democratic Party of Korea, which was initially scheduled to be proposed in July, is expected to be delayed by about 1-2 months. According to a report by Digital Times on the 15th, the proposal date has been postponed to September due to the need for further opinion gathering following diverse requests for supplementation from financial authorities and the industry after last month's legislative briefing.

This bill includes not only definitions of digital assets and stablecoins and related businesses, but also regulatory systems for issuance and distribution procedures, governance structures, and overall business conduct of market participants, drawing attention from the industry.

However, analysis indicates that a coordination period has become unavoidable due to continuous feedback from financial authorities and the industry that "supplementation is needed" following the briefing. It is especially noted that the scope of digital assets and the regulatory levels of stablecoins, and obligations standards for businesses have become key discussion topics.

This bill is a central axis of the National Assembly's digital asset policy discussions across party lines and is expected to have a significant impact on the institutionalization speed of the domestic digital asset industry depending on its future proposal and passage by the National Assembly.