Min Byung-deok "Institutionalizing digital assets will make Seoul a global financial hub"

"If laws related to digital assets, such as won-denominated stablecoins (virtual assets whose value is pegged to fiat currency), are successfully institutionalized, Seoul can leap forward as a global digital finance hub."

Min Byung-deok of the Democratic Party of Korea said this on the 2nd while attending the 'Exploring Stablecoin Governance' seminar at the National Assembly Members' Office Building in Yeouido, Seoul.

Min said the domestic digital asset market size is among the highest in the world. He said, "There are 6.45 million domestic virtual asset trading users, the number of wallets reaches 10 million, and last year's trading volume reached 102 trillion won," stressing, "These figures were achieved even without institutionalization."

Min believes that incorporating the digital asset industry into the regulatory framework would allow faster growth. He said, "Currently both the government and the ruling and opposition parties are operating digital asset task forces (TF) and are highly interested in preparing institutionalization measures," adding, "If a system that can achieve safety, investor protection, and innovation simultaneously is established, Korea can grow into a digital finance G2."

He added, "I recently spoke with figures in the global blockchain industry, and they also agreed on Korea's potential," adding, "If legacy finance also accepts and joins these changes, we can move forward at an incredibly rapid pace."

Having personally proposed a bill related to won-denominated stablecoins, he also emphasized the utility of won-denominated stablecoins (Wonsco). Min said, "Stablecoins can play a clear role in payment and settlement efficiency, reducing trade settlement costs, and linking with on-chain capital markets," adding, "If transparent and predictable rules are established, innovation in global payment·settlement areas will explode."