South Korean lawmaker urges swift stablecoin bill as U.S. CLARITY Act nears vote

South Korean Rep. Kim Hyun-jung of the Democratic Party called for swift passage of a second-phase digital asset bill covering won-denominated stablecoins at a conference held at the National Assembly Members' Office Building on July 23, Edaily reported. Kim said South Korea needs to prepare as broader dollar stablecoin adoption is expected after the GENIUS Act takes full effect in January next year and the U.S. market structure bill, the CLARITY Act, could come to a vote as early as next week. At the same event, when asked whether the government’s digital asset basic law on stablecoins would be released in the second half of the year, Kim Sung-jin, head of the virtual asset division at South Korea’s Financial Services Commission, said the schedule remains under discussion with relevant agencies and the National Assembly and that officials are working to move as quickly as possible, as outlined in the government’s economic policy direction for the second half.