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South Korea’s Democratic Party submits first stablecoin-specific bill

 according to the Chosun Ilbo, South Korean Democratic Party member Ando Jae will officially submit the "Value Stable Digital Asset Issuance and Circulation Related Law Draft" today. This is South Korea's first systematic legislative proposal for the issuance, circulation, and regulation of stablecoins priced in Korean won, which is more specialized than the stablecoin clause in last month's Min Byung-deok's "Digital Asset Basic Law" proposal.

It is worth noting that ruling party member Kim Eun-hye of the People's Power Party is also reported by the "Daily Economic News" to submit a similar bill this week, creating a situation of legislative competition between the two parties. The Democratic Party's proposal of a specialized bill marks the substantive operational stage of South Korea's legislative body in the construction of a stablecoin regulatory framework, laying the legal foundation for subsequent compliant issuance of Korean won stablecoins.

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