Rep. Park Min-gyu: "Authorities to Submit Phase 2 Virtual Asset Government Bill in October"

The financial regulatory authorities will propose the government's 'Phase 2 virtual asset legislation' around October this year.

Rep. Park Min-gyu of the Democratic Party of Korea attended the 'Won Stablecoin: Opening of the Digital Won Era' seminar held at the National Assembly Members' Office Building in Seoul on the 18th and said, "The Financial Services Commission plans to submit the government's (Phase 2 virtual asset legislation) bill around October."

Rep. Park highlighted that digital assets are a "big wave." He stated, "When a technically new and big wave like digital assets arrives, the political and regulatory sectors should work with the industry to find a good, future-oriented consensus," and, "We will do our best to prepare a bill that causes no harm to citizens and benefits the domestic innovation ecosystem."

The core of the government bill related to Phase 2 virtual asset legislation is expected to be stablecoins. Previously, the Financial Services Commission commissioned a research project earlier this month to analyze overseas legislative cases on stablecoins. The commission explained, "With Phase 2 virtual asset legislation, stablecoins are expected to be integrated into the institutional system and be used for payments and cross-border fund transfers."