South Korea’s Financial Services Commission is coordinating a government draft of the Framework Act on Digital Assets, with public release targeted for November. The bill would change virtual asset exchange entry from registration to licensing and cap a major shareholder’s stake at 15% to 20%, while existing platforms could receive a one- to two-year transition period. An alternative under discussion would limit voting rights because of property-rights concerns. Stablecoin issuance is expected to center on bank-led consortiums. The framework is also considering an incident-response system, no-fault compensation for hacking and system failures, and suspension of operations for breaches involving substantive virtual-asset holding obligations. Lee Hyeong-il, South Korea’s deputy prime minister and minister of finance and economy, said on Nov. 5 that the government would consult with the National Assembly on postponing crypto-asset income-tax implementation, originally scheduled for next year, by two years. The draft may still change during parliamentary deliberations.