Ahn Do-geol of the Democratic Party of Korea said the Digital Asset Basic Act would be taken up quickly in the second half of the 22nd National Assembly. The Democratic Party of Korea's digital asset task force (TF) plans to designate the bill as a priority legislative task and push it forward as soon as the National Policy Committee for the second half is formed.
The Democratic Party's digital asset TF held a policy forum on the 27th at the National Assembly titled "Policy forum for the spread of stablecoins and the reorganization of the financial system," and continued discussions on policy tasks needed for the spread of stablecoins, win-win directions for corporations, and responses to risks.
Serving as TF secretary, Rep. Ahn said in opening remarks that "the stage of debating whether to allow stablecoins is already over, and we have entered an experiment on how to internalize stablecoins into the national financial system," adding, "the very first starting point of the institutional work is the enactment of the Digital Asset Basic Act."
Ahn added, "considerable discussions are being carried out within the digital asset TF, and a few points of contention and coordination remain," and "we expect the Digital Asset Basic Act to be taken up with speed in the second-half National Assembly, and the Democratic Party is preparing for it."
The Democratic Party's digital asset TF held a TF meeting in February and sought to introduce the Digital Asset Basic Act in March, but discussion of the bill has been delayed to date due to the schedule, including the Middle East war and local elections. In particular, differences between and within the government remain on key issues surrounding the equity structure of banks (50%+1 share) when issuing stablecoins and restrictions on equity transactions by controlling shareholders of exchanges.
The Democratic Party plans to move to legislate after drawing a conclusion centered on TF-affiliated lawmakers immediately after the formation of the negotiating bodies for the second half of the 22nd National Assembly. Ahn said, "we need to整理 the overall legislative requirements, including what to put in the law and what to put in the enforcement decree respectively, finalize an alternative, and reflect it," adding, "once the National Policy Committee for the second half is formed, we will push the bill as a priority legislative task after consultations between the ruling and opposition parties."