South Korean Lawmaker Seeks Swift Action on Digital Asset Framework Bill
A South Korean lawmaker is pushing for an expedited public hearing on the country's proposed digital asset basic law. Min Byoung-dug, a Democratic Party lawmaker, emphasized the need to move forward with the legislation during a meeting of the National Policy Committee on August 26.
The bill aims to provide a comprehensive regulatory framework for digital assets, including stablecoins, exchanges, and related services. It would complement existing anti-money laundering and investor protection rules.
Min cited the United States' efforts to establish a legal framework for stablecoins as a key factor driving the urgency. He also noted that the growing inflow of won-denominated stablecoins issued overseas into South Korea is creating risks for users.