The Democratic Party of South Korea has introduced a new Digital Asset Committee aimed at developing legislation for regulating virtual assets.
Establishment of the Digital Asset Committee
The committee was created on May 13 and held its first meeting at the National Assembly of South Korea. This decision is made in light of the upcoming presidential elections, where digital assets have become a central topic.
Committee Structure and Responsibilities
The committee is led by Representative Min Byeong-deok. Its main task is to develop legislative initiatives and plans for implementing the Basic Digital Asset Act. The structure includes two main groups: the Industrial Innovation Growth Committee and the Policy and System Support Committee.
Discussion on Stablecoins in South Korea
Following the establishment of the committee, the Bank of Korea is considering the future of stablecoins in the country. This primarily concerns coins pegged to the Korean won, as they are becoming a significant issue ahead of the presidential elections.
The formation of the Digital Asset Committee by the Democratic Party of South Korea highlights the importance of regulating digital assets within the electoral framework and the desire for their legal integration into the national economy.
