Seoul: A lawmaker from the ruling Democratic Party (DP) has introduced a bill aimed at permitting companies to issue stablecoins pegged to the South Korean currency. This legislative move is poised to impact the cryptocurrency market significantly.
According to Yonhap News Agency, Rep. Min Byung-dug of the DP revealed that the bill includes provisions to establish a digital asset committee under the president's direct supervision. This committee would be responsible for overseeing policies related to digital assets.
Min highlighted that major economies such as the U.S., EU, and Japan are leading the way in creating comprehensive regulations for digital assets. In contrast, Min pointed out that South Korea lacks a systematic and unified legal framework for these assets.
He further mentioned that the digital asset market has expanded nearly threefold over five years, reaching approximately 3,300 trillion won ($2.5 trillion) as of June. Min emphasized that President Lee Jae-myung is also in favor of supporting the growth of the digital asset industry. During his presidential campaign, Lee advocated for the establishment of a won-based stablecoin market.