South Korea’s Ruling Party, Regulators Speed Talks on Digital Asset Law for Won Stablecoins

South Korea’s government and the ruling party agreed to speed discussions on a basic digital asset law covering won-denominated stablecoins.

The Democratic Party held a closed-door briefing on July 20 at the National Assembly Members’ Office Building in Yeouido, Seoul, with the Financial Services Commission and the Financial Supervisory Service, Edaily reported.

The session was the first since the National Assembly finalized the second-half composition of the Political Affairs Committee for the 22nd legislature. Democratic Party attendees included Political Affairs Committee Chairman Yoo Dong-soo, floor coordinator Park Sang-hyuk and other committee members. Officials present included Financial Services Commission Chairman Lee Eok-won and Financial Supervisory Service Governor Lee Chan-jin.

Park told reporters after the briefing that several lawmakers had introduced bills on a basic digital asset law and that interest in the legislation was high.

Participants also agreed that the government should quickly prepare legislation related to won stablecoins because the U.S. GENIUS Act on stablecoins is set to take effect in January 2027, he added. They agreed to begin related discussions.

The GENIUS Act is scheduled to take effect in January 2027, after which issuance and circulation of dollar-denominated stablecoins are expected to expand in earnest, the report said.

The Political Affairs Committee also plans to discuss bills regularly in the second half of the year. Park said the committee would operate in line with the National Assembly Act and plans to hold its legislation subcommittee at least twice a month.