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South Korean Lawmaker Confident in Passing Digital Asset Act by Year-End
Commercial Services · Financial Publishing/Services · yonhap_finance · 2026-08-21
Lawmaker Min Byung-duk announced that the second phase of the Digital Asset Basic Act is expected to pass in the second half of the year.
What Happened
Legislative Outlook: During a parliamentary seminar, Democratic Party lawmaker Min Byung-duk stated that the second phase of the Digital Asset Basic Act is set to pass in the second half of this year. This legislation is expected to provide a crucial regulatory framework for the domestic virtual asset market.
Stablecoin Potential: The discussion centered on the introduction of a Korean won-based stablecoin to innovate payment infrastructure. Experts argued that such a stablecoin could serve as a key payment tool for the K-content economy, enhancing competitiveness in international trade.
Economic Impact: Research from the Korea Economic Research Institute suggests that while concerns regarding bank deposit outflows exist, the actual impact would be minimal. Furthermore, the adoption of stablecoins could potentially save businesses and consumers approximately 1.7 trillion won annually by streamlining international settlement processes.
Industry Reaction: The Financial Supervisory Service emphasized its commitment to maintaining open communication with the market post-legislation. Financial sector participants also highlighted the potential for stablecoins to act as an efficient settlement medium for the growing tokenized securities (STO) ecosystem.