The ruling party of South Korea plans to promote the legislation of the "Basic Law on Digital Assets" in September and restart the digital asset working group

According to Etoday, the South Korean Democratic Party stated that it will restart the special task force on digital assets after completing adjustments to its internal leadership and plans to propose the "Basic Law on Digital Assets" in September, aiming to complete legislation within the year. Democratic Party member Park Min-kyu mentioned that the content of the bill and the submission time will be coordinated by the National Assembly, the presidential office, and relevant departments, with discussions expected to start as early as early September.

In addition to clarifying the issuers of stablecoins, it is also necessary to improve the supporting systems for market structure, security, and regulation, and to establish a localized digital asset system that aligns with South Korea's financial regulatory environment. Furthermore, Democratic Party member Min Byeong-deok suggested developing the Korean won stablecoin as a payment and settlement tool to support the overseas development of Korean culture, business, tourism, and manufacturing.