South Korean Lawmaker Calls for Prioritizing Stablecoin Legislation to Avoid Delays from Equity Restriction Controversies

Odaily News: At an academic conference, South Korean lawmaker Kim Sang-hoon, Chairman of the People Power Party's Digital Asset Special Committee, expressed concerns over equity restrictions on cryptocurrency exchanges. He called for prioritizing the advancement of the Digital Asset Basic Act (Phase II legislation) related to stablecoins to avoid missing the golden legislative window due to getting entangled in equity regulation disputes. He pointed out that the issuance and circulation of the Korean won stablecoin KRWQ overseas has already become a reality, posing a serious challenge to monetary sovereignty. Kim Sang-hoon emphasized that the law should provide market predictability, offer clear guidance for operators, and establish effective safety mechanisms for users. (Edaily)