Proposed Bill: Act on the Issuance and Distribution of Value-Stable Digital Assets

Proposed by Rep. Ahn Do-geol (Democratic Party of Korea)

● This bill seeks to provide an institutional foundation for the issuance and distribution of stablecoins by introducing an authorization system for issuers, establishing requirements for the holding and management of reserve assets, and imposing public disclosure obligations on issuers.

Proposed Bill: Special Act on Strengthening the Competitiveness of the Steel Industry and Transition to Green Steel Technology

Proposed by Rep. Eoh Kiy-ku (Democratic Party of Korea) and Rep. Lee Sang-hwi (People Power Party)

● This bill would expand state-level support for the steel industry by establishing a Special Committee for Strengthening the Competitiveness of the Steel Industry under the President, tightening restrictions on the import and distribution of non-conforming steel products, and providing subsidies and tax incentives for the development of, or investment in, green steel technologies.

Pending Bill: Partial Amendment to the Telecommunications Business Act

Proposed by Rep. Lee Jeong-heon (Democratic Party of Korea)

● This bill would require large content providers, such as Google and Netflix, to pay network usage fees to promote fair competition in the use and provision of domestic internet networks.

Promulgated Bill: Game Industry Promotion Act

Competent Authority: Ministry of Culture, Sports and Tourism

● Effective August 1, the amended law provides that game companies may be held liable for up to three times the recognized loss if they falsely disclose information about probabilistic items.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Financial Investment Services and Capital Markets Act

Competent Authority: Financial Services Commission

● The draft amendment would shift the exchanges’ market surveillance system from an account-based model to an individual-based model by allowing the Korea Exchange and the Market Surveillance Commission to process data containing pseudonymized personal information, with the aim of facilitating faster and easier detection of market price manipulation and cross trading.

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The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed.

For queries about the bills, contact cr@draju.com.