Democratic Party to launch digital asset TF as early as next week…Rep. Lee Jeong-mun to lead

The Democratic Party will launch a digital asset (virtual asset) task force (TF) as early as next week. The TF will be overseen by Rep. Lee Jeong-mun of the National Assembly's Political Affairs Committee.

According to industry sources on the 12th, the Democratic Party is expected to hold a launch ceremony next week and begin discussions on digital asset-related bills. The TF's establishment follows a decision by Floor Leader Kim Byeong-gi, and a total of eight lawmakers will participate.

The TF is composed of Rep. Lee Jeong-mun of the Political Affairs Committee; Rep. Kang Jun-hyeon, Rep. Kim Hyeon-jeong, Rep. Min Byeong-deok, and Rep. Lee Gang-il; Rep. An Do-geol and Rep. Park Min-gyu of the Planning and Finance Committee; and Rep. Han Min-su of the Science, ICT, Broadcasting and Communications Committee. Members were selected based on experience in filing related bills and their standing committees.

Virtual assets have primarily been handled by the Political Affairs Committee, but a Planning and Finance Committee lawmaker joined to reflect the recent focus by the Bank of Korea and the Ministry of Economy and Finance on stablecoin discussions. A Science, ICT, Broadcasting and Communications Committee lawmaker was also included due to the need for blockchain innovation legislation.

The TF will operate separately from the Digital Asset Committee to be established under the president. Given that the current 'Virtual Asset User Protection Act' is limited to operator regulation and user protection, the Democratic Party TF plans to focus on preparing a second-phase bill covering issuance, distribution, stablecoins. Merging several currently proposed bills and reflecting the contents of the second-phase bill being prepared by the Financial Services Commission are also listed as major tasks.