Kim Sang-hoon to push for digital asset act after local elections

Representative Kim Sang-hoon, chairman of the People Power Party's Special Committee on Stock and Digital Asset Value-up, has stated he will push for deliberations on a basic act on digital assets concerning stablecoins immediately after the upcoming local elections. According to Edaily, Kim said at a seminar on May 12 that while the domestic virtual asset market has grown through the efforts of startups, the government's role has so far been limited to regulation. He stressed that it is now time to focus on fostering the stablecoin market and establishing a legal framework for it. The legislation, which constitutes the second phase of digital asset regulation, was initially scheduled for discussion in a National Assembly subcommittee today but was ultimately removed from the agenda.