The South Korean digital asset law draft aims to be proposed this month: the single shareholder ownership limit is planned to be set at 15% to 20%

The South Korean Financial Services Commission is coordinating inter-departmental differences regarding the government draft of the "Basic Law on Digital Assets," aiming to propose it within November and is expected to advance it in the form of legislative action by lawmakers. Regulatory authorities are discussing setting a single shareholder ownership limit for cryptocurrency trading platforms at 15% to 20%, and granting existing platforms a transition period of 1 to 2 years; considering property rights disputes, it may also change to only restrict voting rights.

The bill intends to change the access to trading platforms from a declaration system to a licensing system, with stablecoin issuers expected to adopt a bank-centered consortium model. It is also discussing implementing strict liability for hacking attacks and system incidents, as well as listing violations of actual holding obligations for cryptocurrency assets as grounds for suspension of operations. On November 5, South Korea's Deputy Prime Minister and Minister of Economy and Finance, Lee Hae-Young, stated that he would consult with the National Assembly to postpone the implementation of the cryptocurrency asset income tax originally scheduled for next year by two years. The ruling party advocates prioritizing the formulation of this law, establishing an overall regulatory framework, and allowing a transition period for businesses and investors.