The Democratic Party of South Korea submits its first stablecoin special bill

Golden Finance reported that according to the Chosun Ilbo, South Korean Democratic Party member of parliament, Ahn Do jae, will officially submit a draft of the "Law on the Issuance and Circulation of Value Stable Digital Assets" today. This is the first systematic legislative proposal in South Korea to address the entire process of issuing, circulating, and regulating stablecoins denominated in Korean won. It is more specific than the stablecoin provisions in the "Digital Asset Basic Law" proposed by Congressman Min Byung deok last month. It is worth noting that the ruling party's National Power Party member Kim Eun hye has also been revealed by the Daily Economic News that a similar bill will be submitted this week, forming a legislative race between the two parties. The special bill proposed by the Democratic Party marks the substantive operational stage of the South Korean legislative body's construction of a regulatory framework for stablecoins, which may lay a legal foundation for the compliant issuance of Korean won stablecoins in the future.