Svmuu News: South Korea’s Democratic Party of Korea has announced that it will restart its special task force on digital assets after completing internal leadership reshuffles in August and plans to introduce the “Digital Asset Framework Act” in September, with the goal of finalizing the legislation by the end of the year. Park Min-kyu, a lawmaker from the Democratic Party of Korea, said that the bill’s content and submission timeline will be coordinated jointly by the National Assembly, the Presidential Office, and relevant agencies, with discussions expected to begin as early as early September. In addition to clarifying the entities authorized to issue stablecoins, it will be necessary to simultaneously improve supporting systems such as market structure, security, and regulation, and to establish a localized digital asset system that aligns with South Korea’s financial regulatory environment.
Additionally, Min Byung-deok, a lawmaker from the Democratic Party of Korea, proposed developing a won-pegged stablecoin as a payment and settlement tool to support the overseas expansion of South Korea’s culture, commerce, tourism, and manufacturing sectors. (Etoday)