South Korean lawmaker Min Byeong-deok: Striving to complete the legislation of the Digital Asset Basic Law by early January next year

According to a report by South Korea's EToday, Democratic Party member Min Byeong-deok stated at a discussion meeting that the legislation for the "Basic Law on Digital Assets" should be completed by January 9 of next year to keep up with the implementation of the U.S. stablecoin system on January 18.

He opposed allowing only consortiums with majority bank ownership to issue Korean won stablecoins, arguing that participation should be allowed as long as conditions such as 100% reserves and instant redemption are met. He also proposed the establishment of a presidential digital asset committee and suggested extending the crypto tax to 2029, allowing losses to be carried forward for three years.