Yoo Dong-soo Urges Bipartisan Talks on Hearing for Digital Asset Framework Act

Yoo Dong-soo, chair of the National Assembly's Political Affairs Committee and a Democratic Party lawmaker, said on Aug. 26 that the committee's senior members from the two major parties should work out plans for a public hearing on the Digital Asset Framework Act.

At a full committee meeting that day, Yoo said the Political Affairs Committee was in a position of particular importance given its impact on the national economy. Financial Services Commission Chairman Lee Eok-weon and Vice Chairman Kwon Dae-young attended the meeting.

Yoo's comments came after Democratic Party lawmaker Min Byung-duk pressed the issue. At the meeting, Min said legislation on stablecoins and digital finance innovation should not be delayed any longer and urged swift action on a public hearing for the Digital Asset Framework Act.

There is also speculation that the government's draft of the Digital Asset Framework Act could be submitted to the National Assembly in September. Yoo plans to introduce a new framework bill as soon as he receives the government draft.

If Yoo submits a bill reflecting the government's proposal, it is set to be reviewed together with previously proposed bills.