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Leader of South Korea's Democratic Party Proposes Special Legislation for Stablecoins
Summary: According to reports from the Chosun Ilbo, South Korean Democratic Party lawmaker Ahn Doo-jay will officially submit a draft of the 'Value-Stable Digital Asset Issuance and Circulation Act' today. This is South Korea's first systematic legislative proposal focusing on the issuance, circulation, and regulation process of stablecoins denominated in Korean won, which is more specialized ...
According to reports from the Chosun Ilbo, South Korean Democratic Party lawmaker Ahn Doo-jay will officially submit a draft of the 'Value-Stable Digital Asset Issuance and Circulation Act' today. This is South Korea's first systematic legislative proposal focusing on the issuance, circulation, and regulation process of stablecoins denominated in Korean won, which is more specialized than the stablecoin provisions in last month's Digital Assets Basic Act proposed by lawmaker Min Byung-deok.
It is worth noting that ruling party lawmaker Kim Eun-hye, as reported by the Maeil Business Newspaper, is also set to submit a similar bill this week, creating a competition between the two parties in legislative speed. The Democratic Party's proposal of this special legislation marks a significant step in the construction of a regulatory framework for stablecoins in South Korea, potentially laying the legal groundwork for the compliant issuance of Korean won stablecoins in the future.
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Link: Leader of South Korea's Democratic Party Proposes Special Legislation for Stablecoins [Copy]
