South Korea's Ruling Party to Push for Legislation of the Digital Asset Basic Act in September and Restart the Digital Asset Task Force

Odaily reported that the Democratic Party of Korea 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" bill in September, with the goal of completing legislation within the year. Democratic Party lawmaker Park Min-gyu stated that the content of the bill and the timing of its submission will be coordinated by the National Assembly, the Presidential Office, and relevant ministries, with discussions potentially starting as early as early September. In addition to clarifying the issuing entity for stablecoins, there is a need to simultaneously improve supporting systems for market structure, security, and regulation, and to establish a localized digital asset system that fits the financial regulatory environment in South Korea.

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