South Korea to Discuss Second Phase of Digital Asset Legislation

South Korea's ruling party and government officials are set to meet on March 5 to deliberate on the second phase of the Digital Asset Basic Act. According to NS3.AI, the discussions will focus on critical issues such as limiting major shareholders' stakes in cryptocurrency exchanges and determining the eligibility criteria for entities to issue stablecoins. The legislative process is anticipated to face opposition from industry stakeholders and academic critics, with the primary sponsor of the bill yet to be determined.