"Seven stablecoin bills, each has advantages but require supplementation"

Multiple stablecoin (virtual assets whose value is pegged to fiat currency) bills have been proposed in the domestic political sphere, and some argue that it is necessary to appropriately combine the strengths and weaknesses of these bills to pursue a single, ultimate piece of legislation.

Dr. Yoon Min-seop of the Digital Consumer Research Institute attended the 'Seeking Stablecoin Governance' seminar held at the National Assembly Members' Office Building in Yeouido, Seoul on the 2nd and evaluated, "The stablecoin-related bills currently submitted to the National Assembly each have advantages but are not perfect."

At present, bills have been proposed in the National Assembly by lawmakers including Min Byung-deok, Ahn Do-geol, Kim Eun-hye, Kim Hyun-jung, Lee Kang-il, Kim Jae-seop, and Choi Bo-yoon. The government's bill is scheduled to be released this month. Among them, the bills proposed by Min Byung-deok, Lee Kang-il, and Kim Jae-seop have the character of comprehensive legislation covering the entire digital asset ecosystem, while the bills proposed by Ahn Do-geol, Kim Eun-hye, and Kim Hyun-jung are characterized as specialized legislation related to stablecoins.

Dr. Yoon pointed out, "The Min Byung-deok bill is valuable as comprehensive legislation that encompasses the entire ecosystem, but the detailed provisions regarding stablecoins need to reflect changes in overseas regulations." He added, "In the case of the Lee Kang-il bill, there is a possibility of conflicts with other laws such as the Capital Markets Act, and in the case of the Kim Jae-seop bill, it is problematic that it is structured to be advantageous to certain operators."

Dr. Yoon said, "It is appropriate to base on the first-emerged Min Byung-deok bill and combine the advantages of other bills," and said, "In the institutionalization process, innovation should be accepted on the premise of investor protection and the establishment of market order."