South Korea is advancing its second phase of digital asset legislation, focusing on the issuance of stablecoins. The government and National Assembly are moving towards a framework where only consortia with at least 51% bank ownership can issue stablecoins. This approach has gained traction within the Democratic Party's digital asset task force. Previously, the Bank of Korea advocated for bank-led issuance, while some lawmakers suggested opening it to fintech and blockchain companies. The government aims to submit the legislative proposal by December 10, with discussions starting this year and completion targeted by January.