South Korea speeds up Digital Asset Framework Act for fall passage

South Korea has moved to accelerate work on its Digital Asset Framework Act, with Financial Services Commission Chairman Kim Byoung-hwan saying the government will step up consultations as lawmakers press for the legislation to be completed this fall. Summary South Korea’s FSC will accelerate consultations on the Digital Asset Framework Act as lawmakers seek passage this fall. The legislation is expected to cover stablecoin issuance, VASP rules and other parts of the digital asset market. Lawmakers pressed the government to move faster as digital asset regulation advances in the United States. South Korea is separately developing rules for spot crypto ETFs and cross border virtual asset services. News1 reported on Aug. 24 that Kim made the comments during a plenary meeting of the National Assembly’s Political Affairs Committee in Yeouido, Seoul, after Democratic Party lawmaker Lee Kang-il questioned when the government would submit its own version of the bill. Kim said officials were preparing the proposal and would move into more intensive consultations, although he did not provide a firm submission date. When Lee asked whether the government could complete its work in time for le...