In brief
- South Korea’s ruling Democratic Party has established a Digital Asset Task Force to draft comprehensive stablecoin and crypto legislation.
- The task force aims to enact digital asset laws during this year’s regular and year-end National Assembly proceedings.
- The country faces mounting pressure over capital flight, with $40.6 billion in digital assets transferred abroad in Q1 2025, half in stablecoins.
South Korea’s ruling Democratic Party has launched a new “Digital Asset Task Force,” pledging to push through legislation on stablecoins and virtual assets by year’s end, an effort officials say will help “protect Korea’s monetary sovereignty.”
“The need for legislation to cover issuance, distribution, and stablecoins of virtual assets is constantly being raised in the market,” Han Jung-ae, chair of the Democratic Party’s policy committee, said at the launch ceremony at the National Assembly, according to a Maeil Business Newspaper report, a local news outlet.
“It is time to innovate technology in various fields related to virtual assets and prepare a reasonable system to keep pace with the flow of new financial markets,”
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Author: Vismaya V
