Democratic Party of Korea (DPK) and People Power Party (PPP) are allegedly stopping important matters.
South Korean National Assembly divided
On Monday, South Korea’s decisions and opposition parties proposed rival bills to establish a regulatory structure for digital assets for the Korean victory in the coming months.
DPK member AHN Do-Gil introduced “Acts-Act on the release and distance”. At the same time, Kim Yun-Hai of PPP proposed “Act on Payment Innovation using” valued digital assets “.
For local reports, both bills share many similarity, which inspire the Financial Services Commission (FSC) assignment of Stabecoin Overs. Under the two legislations, financial regulators are capable of releasing wounds, distribution, and remedies about the redemption of stabeloin and if it is seen about market dislunction or losses to users, apply emergency regulations.
Additionally, the FSC will need to present a whistle paper before issuing issues, the release limit, distilty plan, the structure of reserve assets and the description of the redemption methods.
However, the economy and the Ministry of Finance and the Bank of Korea (Bok) will be able to require data from the FSC or conduct a joint inspection to maintain the order of the foreign exchange market or to implement monetary policy.
The representative of the DPK proposed the establishment of “Price Stability Digital Asset Committee” with the Ministry of Economy and Finance, Bank of Korea and FSC to discuss related policies.
Despite the Bill of Similarties, two proposed law differences in the issue of interest payment. The bill of the legalist of the PPP will allow interest payments as it can “provide integer for the use of live-pagged stabex abs.” Meanwhile, AHN’s bill will completely ban interest payments to prevent market disruption.
According to the report, some industry players are calling for a unique approach to KRW-based stabechoin, “There is a meaning of using the prohibition security law on paying interest for Stabelines, so other counties can design their own national rules for the US,” a crypto industry allegedly confirmed the US.
Financial industry is waiting for stabelin law
Amid the increasing speed of Stabecrimons in the country, a Membar of DPK, Min Bowng-Deok proposed a comparison law to establish a more structured regulator for framework for the country’s crypto assets.
However, Bok Governor Lee Chang-Jong expressed concern over the powerful issuance of stabelin given by non-bank antics to KRW recently, arguing that digital property could confuse monetary policies and foreign exchange regulations.
Some bank officials Ave were told by Korean Media Outlets that the financial institutions are preparing for two globalization scenarios, as it is not clear that non-bank institutions will be stabilciners.
As a report of a bitcoinist, the sector is a business model in which banks collectively set up a joint venture to release stabelcoins, which contacts varieties non-bank companies to prepare KRW-refined digital assets to be prepared and prepared to release.
On Tuesday, the Maeil Business newspaper confirmed that the credit card industry is preparing to apply for trademark rights. News outlets, Credit Finance Association and eight full -time credit card companies, including Shinhn, Hyundai, Samsung, KB Kukmin, Lote, Wuri, Hana and BC cards, are preparing to file for traditional rights for KRW Stabelkin for KRW Stabelkin under the “CRW” tentative name “CRW”.
The report said, “Credit card companies are expected to play an important role in the KRW StableCoin market. If any discomfort is done by card, any discomfort.”
Bitcoin (BTC) trades at $117,505 in the one-week chart. Source: BTCUSDT on TradingView
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