Democratic Party of Korea and People Power Party each propose legislation to institutionalize 'KRW stablecoin' today

YM Lee

Summary

The major parties reported that they each introduced a bill to institutionalize the 'KRW stablecoin.'
The Democratic Party of Korea's bill is characterized by its expansion of eligible stablecoin issuers to include not only banks but also general companies.
The People Power Party emphasized payment innovation for value-pegged digital assets and the establishment of regulatory systems by major countries.

The two major domestic parties, the Democratic Party of Korea and the People Power Party, each introduced legislation today to institutionalize 'KRW stablecoin.'

From the Democratic Party of Korea, ten lawmakers including An Do-geol (Bok Gi-wang, Seo Sam-seok, Yang Bu-nam, Yoon Joon-byeong, Lee Yong-seon, Lim Ho-seon, Jeong Joon-ho, Jeong Jin-wook, Jo Gye-won) jointly proposed the 'Act on the Issuance and Distribution of Value-Stable Digital Assets.'

This legislation establishes a comprehensive management system that covers issuance, distribution, reserve assets, user protection, monetary, and foreign exchange policy relating to stablecoins. Its most distinct feature is the expansion of eligible stablecoin issuers not only to banks and financial institutions but also to general companies.

From the People Power Party, lawmakers including Kim Eun-hye and nine others (Kang Seung-gyu, Kim Mi-ae, Kim Seung-soo, Seo Il-jun, Seo Cheon-ho, Lee Seong-kwon, Jo Seung-hwan, Jo Ji-yeon, Joo Jin-woo) jointly submitted the 'Act on Payment Innovation Utilizing Value-Pegged Digital Assets.'

The People Power Party explained, “Major countries including the United States are establishing regulatory systems for digital assets whose value is pegged to certain currencies. With the recent passage of the 'Genius Law,' the legal status of stablecoins has become clear,” as their reason for proposing the legislation.