South Korean lawmaker calls for swift hearing on digital asset framework bill

A call has emerged at South Korea’s National Policy Committee to hold a public hearing on a basic law for digital assets as soon as possible. Edaily reported Min Byoung-dug, a Democratic Party lawmaker, said at the committee on Aug. 26 that legislation related to stablecoins and digital financial innovation should not be delayed further, adding that an urgent public hearing is needed because the digital asset basic law would be a new standalone law. Min cited U.S. efforts to establish a legal framework for stablecoins and the inflow into South Korea of won-denominated stablecoins issued overseas as reasons to speed up the legislation.