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South Korea's Digital Assets Basic Act Draft Adds Investor Protections, Submission Delayed to 2025

South Korea's government is drafting a Basic Act on Digital Assets that will introduce investor protection rules including no-fault liability for digital asset service providers and bankruptcy risk segregation for stablecoin issuers, Yonhap reported on Dec. 30. The draft requires stablecoin issuers to deposit reserve assets with banks or custodial institutions and maintain deposits or trusts covering at least 100% of outstanding issuance. Disagreements between the Financial Services Commission and the Bank of Korea over stablecoin issuing entities and supervisory authority have delayed the proposal's submission to next year, with the Financial Services Commission working to resolve these differences.
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