South Korea’s Financial Services Commission expects the National Assembly to begin subcommittee review of the Digital Asset Framework Act in November, rejecting criticism that it has delayed the country’s second-stage crypto legislation. Seo Na yoon, head of the FSC’s virtual asset division, said the regulator and lawmakers broadly agree on rules for digital-asset issuance and distribution, including stablecoins, while detailed provisions and the timing of the government draft remain under discussion. Ten digital-asset and stablecoin bills are already pending in the National Assembly and could be considered alongside a government proposal. The framework would build on the Virtual Asset User Protection Act by addressing issuance, disclosures, distribution and stablecoin regulation. Policymakers are also weighing a bank-led model for won-denominated stablecoins, supported by the Bank of Korea. Lawmakers have placed added urgency on the timetable as the U.S. GENIUS Act is set to take effect on Jan. 18, 2027, raising concerns that approved U.S. stablecoins could enter the South Korean market before local rules are in place.