The passage of the DABA Phase 2 bill, one of the hottest topics in the local Web3 scene lately, seems like it will be delayed longer than expected. We initially hoped to see some progress within this year, but the power struggle between the Bank of Korea and the Financial Services Commission over stablecoin regulation has dragged on, making it highly likely to drift until the end of next year. The BOK is pushing hard to grant a 50% or more stake to bank-led consortia, while the fintech industry and the opposition party are firmly pushing back, arguing that it stifles innovation.

The lack of regulatory clarity is definitely fueling frustration on the ground. In fact, a disclosure was released stating that the major stock swap deal between Dunamu, the operator of Upbit, and Naver Financial has been postponed again until December 31, 2026, due to legal uncertainty. You can really feel the cautious stand-off among large corporations, who are hesitant to move until the regulatory risks are resolved.

While the Supreme Court is set to implement an amendment to the Civil Execution Rules in October to clarify procedures for seizing virtual assets and bridge the legal gap, it is a shame that the core bills needed for institutional advancement are at a standstill. For the market to grow more healthily, we need clear rules of the game sooner rather than later. What do you think about this delay? Feel free to chat in the comments!