South Korea don push Phase‑2 virtual asset bill — dem don approve stablecoin rules, capital requirements and how much person fit own exchange

South Korea ruling Democratic Party dey rush one Virtual Asset Phase‑2 bill to set clear rules for won‑pegged stablecoins and limit how big shareholders fit hold for crypto exchanges before Lunar New Year. Main proposals na make stablecoin issuers get statutory minimum capital of 5 billion won (~US$3.46M), put shareholder caps for exchange owners (proposed 15%–20%), and form new inter‑ministerial Virtual Asset Committee wey Financial Services Commission go chair. Bank of Korea (BoK) dey push for stricter controls: dem want banks make dem hold majority ownership (50%+1) of KRW stablecoin issuance and dem dey look into domestic issuer registration system to protect monetary policy and capital controls. Financial Services Commission and industry groups dey favour make private tech firms fit issue stablecoins to speed market entry; People Power Party no gree with tight shareholder limits say e fit cause capital flight and disturb governance. Other debates remain like central bank authority, limits on major shareholders, and whether issuance suppose dey restricted to bank‑led consortia. The bill want align stablecoin treatment with electronic‑money standards and add ways to coordinate response to hacks, system failures and big market disruptions. Traders supposed note possible market effects: fit be fewer private stablecoin issuers, slower rollout of new KRW stablecoins if banks must lead, higher regulatory compliance costs and stronger issuers' balance sheets, and possible shifts in institutional participation based on final rules. Timeline short — sponsors dey aim to submit bill for deliberation before Feb 17, 2026 — so outcomes fit quickly affect issuance, liquidity and on‑shore institutional activity in KRW stablecoins.