South Korea's ruling party sets up digital assets working group to draft stablecoins and virtual assets legislation

According to Decrypt, South Korea's ruling Democratic Party established the "Digital Asset Task Force" with the goal of passing comprehensive stablecoin and virtual asset legislation in the regular and end-of-year congressional meetings this year to protect South Korea's currency sovereignty. The task force will coordinate the Financial Services Committee, the Financial Oversight Bureau and the Bank of Korea, and interact with exchanges and fintech companies. Lee Jung-moon, the person in charge, said that a stablecoin policy based on the Korean won will be established to fight the dollar-based stablecoin. Task Force Chairman Han Jung-ae said the market is constantly calling for regulations covering the issuance, distribution and stablecoins of virtual assets to innovate technology and adapt to new financial markets.

(Source: Wu Shuo)

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