Democratic Party’s Kim Says Digital Asset Framework Bill to Be Introduced After June Local Elections

South Korea’s Democratic Party plans to introduce its proposed Framework Act on Digital Assets after local elections in June.

Kim Hyun-jung, a Democratic Party lawmaker and member of the party’s digital asset task force, made the remarks to reporters on April 22 at the National Assembly Members’ Office Building in Seoul’s Yeouido district, Edaily reported. “It looks like we will have to move forward with the framework law after the local elections,” Kim said. The bill subcommittee is also expected to meet around that time, she added.

The party had originally aimed to enact the framework law in the first quarter, but discussions were delayed after the war in Iran broke out. Differences over key issues in the bill also remain unresolved, including limits on ownership stakes in virtual-asset exchanges and bank-centered issuance of stablecoins. “These issues have not been fully settled within the party and the government,” Kim said. More discussion is needed, she added.

Kim also raised the possibility of talks with Rhee Chang-yong, the new governor of the Bank of Korea. The task force could meet Rhee after the local elections if needed, and would proceed depending on the situation, she said.

At a National Assembly confirmation hearing on April 15, Rhee said it was true that he had previously held a negative view of stablecoins and virtual assets. As South Korea’s central bank chief, he said he would consider what complementary role stablecoins could play.