South Korea Lawmakers to Review Financial Bills, Leave Stablecoin Measure Off Agenda

Suehyeon Lee

Summary

Edaily reported that the National Assembly’s Political Affairs Committee will review a broad range of financial bills, but the Digital Asset Basic Act related to stablecoins was excluded from the agenda.
About half of the 53 bills under review are tied to the stock market, including a proposal to allow non-cash trust beneficiary certificates to expand fractional investment.
The Digital Asset Basic Act will likely not face full-scale discussion until after local elections and the National Assembly completes its committee reorganization.

Forecast Trend Report by Period

South Korea’s National Assembly will hold a subcommittee meeting on financial legislation on May 12 to review key bills. The Digital Asset Basic Act, a stablecoin-related measure that would form part of a second phase of digital-asset legislation, was excluded from the agenda.

Edaily reported that the National Assembly’s Political Affairs Committee will convene its first bill-review subcommittee that morning at the parliament complex in Yeouido, Seoul. The meeting will cover a broad range of financial bills, but not the Digital Asset Basic Act tied to stablecoins. It will be the committee’s last subcommittee meeting in the first half of the year.

The panel will first take up a revision to the Act on Support for Low-Income People’s Financial Lives. The bill, proposed by Democratic Party lawmaker Kang Jun-hyun, calls for setting up a financial stability fund for low-income households within the Korea Inclusive Finance Agency. The proposal also aligns with President Lee Jae-myung’s financial policy pledges.

Amendments to the Capital Markets Act are also set to feature prominently. About half of the 53 bills under review are related to the stock market, including a proposal to allow non-cash trust beneficiary certificates to help expand fractional investment.

That leaves substantive debate on the Digital Asset Basic Act until after local elections and the National Assembly completes its committee reorganization.