South Korea's Democratic Party Plans Digital Asset Basic Act Proposal in September

South Korea's Democratic Party said it will restart its digital asset task force after completing an internal leadership reshuffle in August and plans to introduce a Digital Asset Basic Act bill in September, aiming to complete legislation within the year. According to Odaily, lawmaker Park Min-kyu said the bill’s content and submission schedule will be coordinated by the National Assembly, the presidential office, and relevant ministries, with discussions potentially starting in early September. The party also said it needs to clarify stablecoin issuers and establish related systems for market structure, security, and regulation, while building a localized digital asset framework that fits South Korea’s financial regulatory environment. In addition, Democratic Party lawmaker Min Byung-deok suggested making a won-denominated stablecoin a payment and settlement tool to support the overseas expansion of South Korean culture, commerce, tourism, and manufacturing.