The South Korean Democratic Party Plans to Introduce a Stablecoin Bill After the June Election

BlockBeats News, April 22nd, according to Edaily, South Korean Democratic Party member and Digital Assets Special Committee team member, Representative Kim Hyun-jung, stated that after the June local elections, the Digital Assets Basic Law related to stablecoins will be submitted (second-stage legislation), and the subcommittee on the bill will also be convened at that time. Kim Hyun-jung pointed out that controversies such as the restriction on major shareholders of exchanges have not been fully resolved and still require further discussion. However, considering the positive stance of the new Bank of Korea Governor Shinhan Bank towards stablecoins, he believes that stablecoin legislation will ultimately be passed. The Democratic Party's Digital Assets Special Committee is considering meeting with Shinhan Bank after the local elections.

Kim Hyun-jung also emphasized the need to proactively improve the relevant systems for CBDC and the Korean won stablecoin, ensure the consistency of the tax system with international regulations, and effectively strengthen the infrastructure for combating digital asset crimes.