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The Korean Democratic Party plans to promote stablecoin legislation after the elections.
Mars Finance reports that Kim Hyun-jung, a member of South Korea’s Democratic Party Digital Asset Special Task Force, stated that the group plans to submit a basic law on digital assets related to stablecoins (second-stage legislation) after local elections, while advancing the bill subcommittee’s review in parallel. He pointed out that disagreements still remain on issues such as limits on major shareholders’ holdings in exchanges, and that further discussion is needed. He also said that, against the backdrop of Bank of Korea Governor Shin Hyun-sung’s positive attitude toward stablecoins, related legislation is expected to be pushed forward for approval. In addition, the task force is considering meeting with him after the elections and advancing the design of the CBDC and the Korean won stablecoin system.