An Do-geol: "Pushing for Legalization of Won-based Stablecoins…Securing Monetary Sovereignty Is Necessary"

An Do-geol, a member of the Democratic Party of Korea, has announced his intention to establish a legal foundation for won-based stablecoins. Considering the unique characteristics of stablecoins, which can be used for currency and foreign exchange, he plans to propose legislation that would regulate them separately from other coins.

According to the industry on the 12th, Representative An stated at a National Assembly press conference that, "It is time for an institutional framework for won-based stablecoins to be urgently established, both for the prompt preparation of global payment and settlement means and the securing of monetary sovereignty."

He explained, "Given that stablecoins have the features of a payment and settlement tool, a separate legal regulation is required, and institutional mechanisms must be prepared to control their issuance scale and distribution from a currency management perspective." He added, "Stablecoins simultaneously possess the nature of foreign exchange, so detailed regulations are necessary from the viewpoint of stable foreign exchange supply and management."

Representative An revealed that the bill he intends to propose will comprehensively include stablecoin issuance qualifications and authorization requirements, collateral asset requirements, currency management systems, ecosystem development plans, and user protection mechanisms.

He emphasized, "Institutional support for the transition to a digital economy, as well as securing monetary sovereignty for the won, will greatly enhance the international competitiveness of the domestic digital asset platform industry."

He further explained that "in the future, experts from the industry, academia, research institutes, as well as officials from the Ministry of Economy and Finance, the Bank of Korea, and other relevant institutions, will form a task force to go through a public discussion process and meticulously establish the system."