South Korean lawmakers will propose a digital asset innovation bill to improve stablecoin regulation and expand regulatory scope

According to Foresight News, according to News1, Park Hyun young, a member of the South Korean Democratic Party's Political Affairs Committee, will propose the "Digital Asset Market Innovation and Development Act" in July. Recently, South Korean Democratic Party member Min Byung deok proposed the "Digital Asset Basic Law". Compared with Min's previous proposal, Park's proposal further improves the stablecoin regulatory system. According to the bill, the issuance of stablecoins must have at least 1 billion Korean won of self owned capital, meet 12 requirements, and obtain approval from financial authorities. Another difference between this bill and Congressman Min's bill is that it expands the regulatory scope to stablecoins issued overseas. The bill proposed by Congressman Min only regulates digital assets issued domestically. Once the government affairs committee's bill review group is established and officially enters the legislative process, the bill may be merged with the bill proposed by Councilor Min.