As cryptocurrency bill is postponed again, ruling party shifts course to independent initiative: ”Legislation will be enacted at party level in January” = South Korea

According to News 1, the process of enacting the Basic Act on Digital Assets (a two-stage bill on virtual currencies) currently being prepared by financial authorities continues to be delayed, and even if the ruling party submits a "government bill" from the authorities,
In addition to the above, the party will also be promoting a bill to be introduced in January next year. Prior to this, lawmakers belonging to the Democratic Party of Korea's Digital Asset Task Force (TF) held a meeting on the 11th.
However, the Financial Services Commission failed to resolve its position with the Bank of Korea regarding the issuer of stablecoins, and the government requested that it submit a government proposal to the Financial Services Commission before the TF meeting.
The TF plans to hold another meeting with advisory committee members on the 22nd of this month, and then hold a meeting with the industry afterwards.
According to the National Assembly, the Democratic Party of Korea's Digital Asset Task Force met with Financial Services Committee officials on the same day.
The TF members held a meeting to discuss the legislative direction of the Basic Act on Digital Assets. The draft bill that the TF members requested from the authorities was not delivered before the meeting.
The Bank of Korea is still adamant that it will issue stablecoins primarily through banks.
However, the Financial Services Committee and some ruling party lawmakers have suggested that fintech and blockchain technology companies can also actively participate in the issuance.
The difference in position has not yet been resolved. If the authorities are unable to convey the "government proposal" to the National Assembly due to this difference in position, the ruling party will
The Financial Services Committee was urged to submit the bill by this month if possible, but even if the bill is not submitted, the party will take the initiative in the legislative process in January next year.
A source from the Policy Committee said, "The conclusion of today's meeting is ultimately 'my way' (party-led legislative promotion)," and added, "We're giving the Financial Services Committee two months to think about it.
"It would be best to submit it to the government within the year, but if not, we will continue to push for legislation at the party level," he said.
To promote the legislation, the Democratic Party of Korea task force will hold a meeting with advisory committee members on the 22nd. Afterwards, they will hold a roundtable with key industry stakeholders to discuss the direction of legislation with the goal of proposing it in January of next year.
Meanwhile, the Financial Services Committee has been preparing a "government bill" for the Basic Act on Digital Assets, aiming to propose it through the office of Rep. Kang Jun-hyung, the ruling party's secretary of the Policy Affairs Committee.
If the bill is introduced, it is expected to be merged with the already proposed Digital Assets Bill.