Democratic Party to pursue a legislative compromise on stablecoins… “Outline could emerge as early as next week”

The Democratic Party of Korea has begun work at the party task force (TF) level to craft a compromise over the second-phase legislation of the Digital Asset Framework Act related to stablecoins.

According to industry sources on the 24th, the Democratic Party’s Digital Asset TF held a meeting with advisers at the National Assembly Members’ Office Building in Yeouido, Seoul, to discuss plans to institutionalize stablecoins. The TF plans to compile a middle-ground proposal over the next week that both the industry and regulators can accept, and then consult with the party leadership.

Rep. Ahn Do-geol, the TF’s secretary, said the group aims to draw up a proposal that reflects the positions of both the industry and the government. The proposal will proceed through subsequent steps after discussions with the leadership.

Rep. Lee Jeong-moon, the TF chair, said preparations to introduce the bill are well advanced, adding that he will push to arrange a communication session with the government and the Financial Services Commission next week or the week after. He said an introduction would also be possible if coordination with the government’s plan is achieved.

Based on the party’s internal proposal, the Democratic Party plans to prepare a revised draft reflecting the government’s views and then move in earnest to legislative discussions on stablecoins.