South Korea's digital asset regulation journey has encountered new issues. According to the latest information, the government version of the "Digital Asset Basic Law" may not be submitted until next year, reflecting higher demands for investor protection and market order.

The new bill aims to strengthen reserve requirements for stablecoins—requiring issuers to hold reserves exceeding 100%, and these reserves must be held in banks or government bond assets. Additionally, digital asset service providers will be liable for no-fault compensation in case of hacker attacks or system failures. It sounds very strict, but it also reflects the regulatory authorities' serious attitude toward market risks.

However, the real sticking point lies in the details. How to define stablecoin issuers, how the central bank and the Financial Services Commission should divide responsibilities, and what the capital requirements should be—these issues are still being debated between the Bank of Korea and the Financial Services Commission. This also indicates that even if policy directions are aligned, the coordination costs during implementation are not insignificant.