South Korea's Financial Services Commission is coordinating a draft of the "Digital Assets Basic Law," with the goal of submitting it by November. The bill proposes to cap the shareholding of a single shareholder in a cryptocurrency trading platform at 15% to 20%, and to give existing platforms a 1-2 year transition period, or to restrict only voting rights.
The bill proposes to change the entry system for trading platforms from a declaration-based system to a licensing system, and stablecoin issuers are expected to adopt a bank-centric consortium format. The bill also discusses no-fault liability for hacking attacks and system accidents, and lists breach of the obligation to actually hold crypto assets as grounds for business suspension.
South Korean Deputy Prime Minister and Minister of Finance and Economy Lee Hyung-il stated on November 5th that he will consult with the National Assembly to postpone the implementation of a cryptocurrency income tax, originally scheduled for next year, by two years. The ruling party advocates prioritizing the drafting of this law to establish a comprehensive regulatory framework.
