South Korea's Democratic Party Plans to Advance Stablecoin Legislation After June Elections

Kim Hyun-jung, a member of the South Korean Democratic Party's Digital Asset Special Committee, stated that they plan to submit a stablecoin-related Digital Asset Basic Act (Phase 2 legislation) after the June local elections, and simultaneously push forward deliberation by the bill's subcommittee.

She noted that issues such as restrictions on major shareholders' equity in exchanges still face disagreements and require further discussion. At the same time, she believes that, given the positive stance of Bank of Korea Governor Rhee Chang-yong towards stablecoins, the relevant legislation is expected to advance. Additionally, the committee is considering meeting with him after the elections and moving forward with the design of a CBDC and a Korean Won stablecoin system. (Edaily)