National Assembly Political Affairs Committee to simultaneously review three stablecoin bills on the 24th…substantive discussion of the regulatory framework

The National Assembly's Political Affairs Committee will simultaneously review three stablecoin-related bills submitted by ruling and opposition lawmakers on November 24.

According to industry sources, the committee will open a plenary meeting at 10:30 a.m. that day and place on the agenda and review Kim Eun-hye of the People Power Party's 'Value-Pegged Digital Asset Payment Innovation Act (tentative)', Kim Hyun-jung of the Democratic Party's 'Value-Stabilized Digital Asset Issuance Business Bill', and Ahn Do-geol of the Democratic Party's 'Value-Stabilized Digital Asset Issuance and Distribution Bill'.

The bills under discussion differ from industry-wide virtual asset sector laws in that they share the common goal of establishing a system to manage and supervise stablecoins under a separate law. All three bills set the issuers' minimum capital at 5 billion won, but they differ on key details such as whether interest payments are permitted. Kim Eun-hye's bill allows interest payments, whereas Kim Hyun-jung's and Ahn Do-geol's bills prohibit them.

Currently, the 'Basic Digital Asset Act' proposed by Democratic Party lawmaker Min Byung-deok has already passed the plenary meeting and is being discussed in the committee's first bill examination subcommittee. The three stablecoin bills are likely to be referred to a subcommittee if there are no particular objections, and if a government bill is later submitted they are expected to be consolidated for joint review.