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The Korean Democratic Party plans to introduce a stablecoin bill after the June elections.
Gold Financial reports that on April 22, according to Edaily, Kim Hyun-jung, a member of the South Korean Democratic Party’s Special Task Force on Digital Assets, stated that after the June local elections, they will submit the basic law for digital assets related to stablecoins (second phase legislation), and the bill subcommittee will also convene at that time. Kim Hyun-jung pointed out that disputes such as restrictions on major shareholders’ holdings in exchanges have not been fully resolved and still require further discussion. However, given that the new South Korean central bank governor, Lee Seung-soo, has a positive attitude toward stablecoins, he believes that stablecoin legislation will ultimately be passed. The Democratic Party’s Special Task Force on Digital Assets is considering meeting with Lee Seung-soo after the local elections.
Kim Hyun-jung also emphasized the need to improve the relevant systems for CBDC and the Korean won stablecoin in advance, ensure consistency between the tax system and international regulations, and effectively strengthen the infrastructure for combating digital asset crimes.