- Rival parties said fostering stablecoins at home is an urgent task and pledged to move quickly on the Basic Digital Asset Act after local elections.
- Lawmakers from both parties said the Basic Digital Asset Act should be put under legislative review quickly and that a digital-asset development framework and market-friendly support policies are needed.
- Lawmaker Min Byung-duk said a won-denominated stablecoin should be introduced and used as financial infrastructure linked to payments and remittances, real-world asset tokenization, the K-content industry and regional commercial district models.
Forecast Trend Report by Period
South Korea’s ruling and opposition parties called fostering the domestic stablecoin market an urgent priority, pledging to push ahead quickly with a basic digital-asset law after local elections.
Kim Sang-hoon of the People Power Party made the remarks in a congratulatory speech at a seminar titled “Global Stablecoin Trends and Opportunities for Korea’s Digital Economy,” held at the National Assembly Members’ Office Building in Seoul on May 12.
South Korea’s digital-asset market has grown through the efforts of startups, but the government stuck to a regulation-first approach and failed to open the door at the right time, Kim said. He called for policies tailored to market conditions to support the sector.
He added that some in the ruling party want the basic digital-asset bill put on the legislative review agenda and deliberations to begin as soon as local elections are over. Even if the government does not submit its own bill, lawmakers should swiftly build a framework for fostering digital assets based on proposals already introduced, he said.
Lee Kang-il of the Democratic Party said global interest is rising in digital assets and stablecoins that fit with the artificial intelligence industry and the digital-finance environment. He said he would do his best to ensure the basic digital-asset law passes this year.
The seminar also offered a view of how lawmakers see the direction of stablecoin development. Min Byung-duk of the Democratic Party said stablecoins are financial infrastructure connecting payments and remittances, inter-institution settlements, real-world asset tokenization and agent commerce.
South Korea should introduce a won-denominated stablecoin to respond to dollar stablecoins, Min said. He cited potential use cases including links with the K-content industry and models for regional commercial districts.
A won-denominated stablecoin would not be merely a defensive tool, he added. It would also broaden the use of the won in digital environments and more efficiently connect real transactions and industries across the Korean economy.
