South Korea's Democratic Party Develops Stablecoin Legislation

South Korea's Democratic Party is drafting a new bill focused on stablecoins, integrating essential aspects from five previous proposals. According to NS3.AI, the legislation seeks to define the entities authorized to issue stablecoins and regulate the ownership stakes of major shareholders in digital asset exchanges. The party plans to discuss this bill in conjunction with proposals from the opposition and government during an upcoming National Assembly committee meeting.