South Korea’s Democratic Party (DP) has formed a new task force to write pro-business cryptocurrency and blockchain rules, promising to fast-track legislation before the end of 2025.
Party leaders unveiled the plan at the National Assembly on 24 September, calling digital assets “a new paradigm for the financial markets” and pledging to treat the sector as a driver of future growth.
The task force’s first job will be to draft stablecoin regulations and finalise rules on token issuance and distribution before the year closes.
Han Jeong-ae, chair of the DP’s policy committee, said,
“We need to establish a system that keeps pace with evolving trends in the new financial market. We are looking forward to stable and sustainable institutional innovation.”
Lawmaker Lee Jeong-moon, who will head the group, added that policies must “foster future growth.”
Current South Korean crypto laws focus on exchange oversight and protecting users from fraud or hacking.
The DP says it wants to move away from that narrow approach and instead “streamline the system to foster industries,” a position welcomed by local crypto companies hoping for lighter restrictions and clearer rules to attract investors.
The task force has already invited the Financial Services Commission, the Financial Supervisory Service and key ministries to submit policy proposals.
It has also asked the Bank of Korea to share its views.
Deputy Governor Kim Woong-seok recently cautioned that only regulated banks should issue stablecoins “gradually” to safeguard financial stability, signalling that central bank officials may prefer a slower rollout than lawmakers.
Plans include an advisory group of crypto exchanges, fintech firms, venture capital representatives and independent experts to guide legislation.
Han welcomed the government’s recent decision to lift the ban on venture capital funding for crypto startups, saying it would “help revitalise the industry” and ensure that new rules reflect a broad range of opinions.
Han Jeong-ae is a South Korean politician and a member of the National Assembly, currently serving as the chair of the policy committee for the Democratic Party of Korea (DP).
Lawmaker Ahn Do-geol stressed that Korea risks “falling a long way behind” in digital finance if innovation stalls, warning that the country could miss opportunities in stablecoins and other digital assets.
He noted that lawmakers across party lines have already reached “a consensus” on many crypto-related issues, including the need for stablecoin regulation.
South Korea is one of the world’s busiest cryptocurrency hubs, with millions of retail investors trading daily.
Supporters of the DP plan say that passing new rules by year-end would help domestic firms compete with dollar-backed tokens and strengthen Korea’s position in the global digital economy.
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