South Korea's ruling party plans to push for the legislation of the "Digital Asset Basic Act" in September and restart the digital asset task force

According to Odaily, the Democratic Party of Korea has stated that it will restart the Digital Asset Task Force after completing its internal leadership reshuffle in August and plans to propose the "Digital Asset Basic Act" in September, with the goal of completing legislation within the year. Lawmaker Park Min-gyu of the Democratic Party stated that the content and submission timeline of the bill will be coordinated among the National Assembly, the Presidential Office, and relevant government departments, with discussions potentially starting as early as early September. In addition to clarifying the issuing entity for stablecoins, it is also necessary to simultaneously improve supporting systems related to market structure, security, and regulation, and establish a localized digital asset system that aligns with South Korea's financial regulatory environment.

Furthermore, Democratic Party lawmaker Min Byung-deok suggested developing the Korean won stablecoin into a payment and settlement tool to support the overseas development of South Korea's culture, commerce, tourism, and manufacturing industries. (Etoday)