Democratic Party: "South Korea's digital finance is lagging... we will work to legislate security tokens"

The Democratic Party has revealed its intention to legislate security tokens (STO).

Democratic Party lawmaker Lee Eon-ju, who attended the 'Digital Financial Ecosystem and Security Token Convergence' forum held at the Korea Exchange in Seoul on the 28th, said, "Recently, South Korea has fallen behind in the digital finance sector," adding, "I will work to legislate security tokens." She stated, "In line with the digital transformation era, new fields such as knowledge-based service industries need to accelerate," and added, "As an early presidential election is highly likely, I will ensure that content related to these areas is included (in the pledges)."

Democratic Party lawmaker Ahn Do-geol, who also attended the forum that day, emphasized the need for security token legislation. At the forum, Ahn said, "Digital finance, including token assets, is one of the promising areas (in the financial industry)," adding, "It could become a new breakthrough for South Korea's financial industry." He stated, "I believe that raising the financial industry's contribution to gross domestic product (GDP) from the current 5% to 10% could increase the potential growth rate by 1-2 percentage points," and added, "We need to foster advanced financial services to create new growth engines."

Ahn also mentioned the Japanese case. He said, "Japan already legislated (security tokens) in 2022," adding, "The (Japanese security token) market has already grown to the 'trillion' level." He added, "On the other hand, we haven't even legislated yet, which is frustrating," and concluded, "I will speed up the legislation of security tokens."