Seoul: A lawmaker from the ruling Democratic Party (DP) introduced a bill aimed at allowing companies to issue stablecoins pegged to the South Korean currency, marking a potential advancement for the cryptocurrency market. The proposed legislation was presented on Tuesday and signals a move towards embracing digital assets within the country’s financial framework.
According to Ethiopian News Agency, Rep. Min Byung-dug of the DP revealed that the bill also includes plans to establish a digital asset committee directly under the president’s oversight. This committee would be responsible for managing policies related to digital assets, aligning South Korea with major global economies such as the U.S., EU, and Japan, which are already institutionalizing digital assets through comprehensive regulations.
Rep. Min highlighted the significant growth of the digital asset market, noting it has nearly tripled in size over five years, reaching approximately 3,300 trillion won (equivalent to $2.5 trillion) as of June. This expansion underscores the need for a systematic and unified legal framework within South Korea.
Furthermore, Min emphasized that President Lee Jae-myung is a strong advocate for the development of the digital asset industry. Throughout his presidential campaign, President Lee has advocated for the establishment of a won-based stablecoin market, indicating governmental support for digital financial innovation in the country.