Democratic Party of Korea Representative Min Byeong-deok announced on the 10th that he has proposed the 'Basic Law on Digital Assets,' which includes allowing the issuance of a won stablecoin and establishing a presidentially appointed Digital Asset Committee. During a press conference at the National Assembly, Min explained the background of the proposal, stating, "Digital assets are no longer an experimental tool on the periphery."
He noted that major countries, including the United States, the European Union, and Japan, are leading institutionalization by introducing comprehensive regulations covering the issuance, distribution, and transaction of digital assets, adding, "Korea currently lacks a systematic and comprehensive legal framework." According to Min, the digital asset market has grown to approximately 3,300 trillion won (about $2.5 trillion) as of June, tripling in size over five years.
The bill includes establishing a presidentially appointed Digital Asset Committee to strategically nurture related industries at a national level and to coordinate policies while allowing the issuance of digital assets through legislation. If passed, this bill will enable the issuance of a won-based stablecoin (a virtual asset pegged to specific assets).
The contents also include the introduction of permits, registrations, and reporting systems led by the Financial Services Commission, particularly the introduction of a pre-approval system for asset-linked digital assets like stablecoins and setting equity requirements as investor protection measures. Furthermore, it plans to establish the Korea Digital Asset Association as a self-regulatory organization, responsible for ensuring eligibility for transaction support (listing) and market monitoring, as well as punishing unfair trading.
Min stated, "This bill is not just a regulation law for digital assets, but a foundation to secure a new growth engine for our economy and protect financial sovereignty," and added, "We will create a won-based digital asset ecosystem by actively connecting digital financial technology and private innovation capabilities so that Korea can stand at the center of the global digital economy."
After the press conference, Min met separately with reporters and said, "Fundamentally, this bill is not a regulation bill but a guardrail bill," emphasizing the need for prompt legislation, saying, "To survive, Korea must demonstrate creativity within that framework. While direction is important, speed is also crucial."
He continued, "In a situation where offline dollar hegemony is collapsing, the question is who will dominate the online payment market, and the U.S. is leading the way," adding, "This is a perfect opportunity for our country, a powerhouse of the Internet, to become the next G2 after the United States."
He also added, "The president has stated he will actively promote the digital asset industry, and Chairperson Yoon Han-hong has said he will 'hurry it up.' I think it is essential to institutionalize it in this second half of the year."