Members of the South Korean Democratic Party's Digital Assets Special Task Force, including Kim Hyun-jung, revealed that the party plans to submit a fundamental law on digital assets related to stablecoins (Phase Two legislation) to the legislative body after the local elections in June. They will also push for the review of the bill in a subcommittee simultaneously.
He pointed out that there are still some disagreements regarding issues such as the shareholding restrictions for major shareholders of exchanges, which require more in-depth discussions. Meanwhile, with the Bank of Korea Governor Shin Hyun-sung expressing a positive attitude towards stablecoins, the relevant legislation is expected to progress smoothly.
Additionally, the task force is considering meeting with relevant parties after the elections to further advance the institutional design of Central Bank Digital Currency (CBDC) and the Korean won stablecoin.
(Source: Edaily)