Democratic Party of Korea launches Digital Asset TF…"Aiming to pass legislation within the year"

The Democratic Party of Korea launched a Digital Asset Task Force (TF) and set a goal to enact digital-asset-related legislation within the year.

According to the industry, Policy Committee chair Han Jeong-ae said at the TF launch ceremony held at the National Assembly on the 24th, "Virtual assets have already entered the mainstream," adding, "The need for comprehensive legislation has been steadily raised." She said, "Virtual assets have long established themselves as a major investment instrument," and explained, "The existing financial system centered on banks, insurance, and cards remains strong, but at the same time a new flow called virtual assets is rapidly growing."

She added, "Taking this launch as an opportunity, we will pursue reasonable institutional improvements suitable for technological innovation and changes in the new financial market to establish a predictable and sustainable virtual-asset system."

Lee Jeong-mun, who serves as TF chair, said, "Rather than being carried along by the huge tide of change, we began discussions to proactively lead change," and emphasized, "We aim to enact legislation through the 2025 regular session and the year-end session of the National Assembly." He also said, "We will protect South Korea's monetary sovereignty and establish a Korean-won stablecoin policy," and added, "Along with innovation, we will also seek to protect financial consumers and ensure stability."

Representative Ahn Do-geol, who attended the launch ceremony, said, "There is a consensus to pass a digital-asset law within the year through bipartisan agreement," and said, "The stablecoin bill proposed by People Power Party Representative Kim Eun-hye is not substantially different from the proposed content."

The Digital Asset TF will begin activities on the 25th by receiving briefings on current issues and contentious points from related ministries including the Financial Services Commission, Financial Supervisory Service, Ministry of Economy and Finance, and the Bank of Korea. It also plans to form an advisory panel by inviting private-sector experts.