Deep Tide TechFlow message: On July 21, according to Edaily, the South Korean government held its first stablecoin legislative forum on July 21 with the Deputy Prime Minister for Economy in attendance. The discussion centered on the “Basic Act on Digital Assets,” focusing on the issuance and circulation framework for stablecoins, more granular regulatory oversight of the digital asset sector, and enhancements to anti-money-laundering rules.

Against the backdrop that the U.S. “GENIUS Act” is expected to be fully implemented in January next year and that expectations for the expansion of USD stablecoins are rising, the South Korean government and the ruling party are working to complete related legislation within the year, in order to accelerate the institutionalization of stablecoins backed by original coins and the development of digital payment infrastructure.