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Ahn Do-geol: "Possible Submission of Stablecoin Bill Next Week"

Uk Jin

Summary

Representative Ahn Do-geol stated that it may be possible to submit a bill related to stablecoins next week.
He said that the bill is being prepared with consideration of the impact stablecoins may have on monetary policy and offshore Korean Won transactions.
Representative Ahn conveyed that he aims to create a bill that reflects both the positive and negative effects, such as the creation of high-value-added physical services and consumer protection.

Ahn Do-geol, a member of the Democratic Party of Korea, speaks at the 'Policy Forum for Incorporation of Stablecoins into the Institutional System' held at Bulls Hall, Korea Financial Investment Association, Yeouido, Seoul, on the 23rd./Photo=Jin-uk, Bloomingbit

Ahn Do-geol, a member of the Democratic Party of Korea, attended the 'Stablecoin (virtual assets pegged to fiat currency) Policy Forum' held at Bulls Hall, Korea Financial Investment Association, Yeouido, Seoul, on the 23rd (Korean time), and said, "We are organizing a task force with key officials from relevant departments and preparing to submit the bill," adding, "I believe we may be able to submit the bill next week."

He stated, "Stablecoins are rapidly infiltrating everyday life with their strengths of fast fees and remittances," and added, "Particularly, since the passage of the GENIUS Act in the United States, Hong Kong, Japan, the European Union (EU), and the United Kingdom—other major countries around the world—are accelerating their stablecoin legislation efforts." He further emphasized, "We must not fall behind in securing the sovereignty of our Korean Won in the era of digital currency."

He promised to consider the various impacts that stablecoins may bring when drafting the bill. Ahn stressed, "Stablecoins possess the characteristics of both currency and foreign exchange," and, "As a result, our monetary policy could also be affected by stablecoins." He went on to explain, "Currently, offshore transactions of the Korean Won are prohibited, but with stablecoins, such offshore transactions may become possible."

Taking these factors into account, Ahn explained that the goal is to maximize the positive effects of stablecoins while minimizing potential negatives. He said, "Stablecoins are a new financial platform that can create high value-added physical services and new revenue streams," while also remarking, "At the same time, we are not neglecting important issues such as consumer protection as we prepare the bill."