Kim Hyun-jung Predicts Digital Asset Basic Law Will Be Established Soon

Kim Hyun-jung, a member of the Democratic Party of Korea, stated that the Digital Asset Basic Law is expected to be established soon. At a seminar held on the 12th at the National Assembly Member's Hall in Yeouido, Seoul, she explained that legislative discussions have been delayed due to the government's position not being organized, but there is a consensus on the necessity of enacting the law. Regarding the postponement of taxation on digital assets, she emphasized that the delay in establishing the law is a major cause and expressed concerns that domestic demand could shift overseas if institutionalization is delayed. She argued that the second phase of the Digital Asset Basic Law should clarify the issuance and distribution requirements of the Korean won stablecoin and user protection policies. Additionally, she added that discussions about the issuing entities require cooperation between financial institutions and fintech companies. Kim emphasized that the trust in the Korean won stablecoin is crucial and that users need to believe they can always convert it back to Korean won.

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