A single shareholder's stake is proposed to be capped at 15% to 20%; South Korea's digital asset bill aims to be proposed this month

Odaily Report: South Korea's Financial Services Commission is coordinating inter-agency differences on the government draft of the "Basic Digital Assets Act," targeting submission within November, and expects to advance it through legislator-sponsored legislation. Regulators are discussing setting a 15% to 20% cap on a single shareholder's stake in crypto trading platforms, with a 1 to 2 year transition period for existing platforms; given property rights disputes, it may also be changed to restrict only voting rights. The bill plans to change trading platform market entry from a reporting system to a licensing system; stablecoin issuers are expected to adopt a bank-centered consortium model; and discussions are underway on imposing no-fault liability for hacker attacks and system incidents, as well as listing violations of the obligation to actually hold crypto assets as grounds for business suspension. South Korean Deputy Prime Minister and Minister of Economy and Finance Lee Hyung-il said on November 5 that he would consult with the National Assembly to delay by two years the crypto asset income tax originally scheduled to take effect next year. The ruling party advocates prioritizing enactment of the law, establishing an overall regulatory framework, and leaving an adaptation period for businesses and investors.