South Korean ruling party to propose stablecoin bill as early as next week

South Korea's ruling Democratic Party plans to propose a bill on stablecoins as early as next week, according to a report from Edaily. Representative Ahn Do-geol, secretary of the party's Digital Asset Task Force, stated that the group will spend a week drafting a compromise bill that can be mutually agreed upon by the industry and financial authorities. The task force held a meeting with its advisory committee on Feb. 24. Following the meeting, task force chairman Representative Lee Jeong-mun added that they will deliver their proposal to the government and the Financial Services Commission in the next one to two weeks, noting there would be no issue in formally introducing the bill if an agreement is reached.