PiCK
South Korea’s Ruling Party, Regulators Accelerate Digital Asset Law Talks on Won Stablecoins
Summary
- The government and ruling party said they would move quickly on discussions over the Digital Asset Framework Act related to won stablecoins.
- The report said the US GENIUS Act will take effect in January next year, raising expectations that issuance and circulation of dollar stablecoins will expand in earnest.
- The Political Affairs Committee said it plans to hold its bill-review subcommittee at least twice a month to discuss legislation in the second half of the year.
Forecast Trend Report by Period
South Korea’s government and ruling party agreed to speed up discussions on a Digital Asset Framework Act related to won-denominated stablecoins.
Edaily reported on July 20 that the Democratic Party held a closed-door briefing that morning at the National Assembly Members’ Office Building in Yeouido, Seoul, with the Financial Services Commission and the Financial Supervisory Service.
The session was the first since the National Assembly finalized the membership of the Political Affairs Committee for the second half of the 22nd Assembly. Democratic Party attendees included Political Affairs Committee Chairman Yoo Dong-su, committee floor spokesperson Park Sang-hyuk and other committee members. Officials present included Financial Services Commission Chairman Lee Eok-won and Financial Supervisory Service Governor Lee Chan-jin.
After the briefing, Park told reporters that several lawmakers had proposed bills related to the Digital Asset Framework Act and that interest in the legislation was high.
Participants agreed the government should move quickly to prepare legislation on won stablecoins because the US stablecoin bill known as the GENIUS Act is due to take effect next year, he added. They also agreed to begin related discussions.
The GENIUS Act is scheduled to take full effect in January next year. That is expected to accelerate the issuance and circulation of dollar stablecoins.
The Political Affairs Committee also plans to hold regular discussions on bills in the second half of the year. Park said the committee would operate in line with the National Assembly Act and plans to convene its bill-review subcommittee at least twice a month.
