The Democratic Party of Korea announced plans to introduce its own digital asset legislation in the National Assembly, as the government's draft of the Digital Asset Basic Act covering stablecoins continues to face delays. The move comes as Shin Hyun-song, nominee for Bank of Korea governor who had previously opposed stablecoin issuance, signaled a more receptive stance, raising expectations that regulatory discussions will gain momentum.
Rep. Lee Jung-moon, chair of the Democratic Party's Digital Asset Task Force, told reporters after a press conference at the National Assembly on Thursday, "We cannot miss the window for discussion while waiting for the government's bill." He added, "We will first introduce the bill to begin discussions, and once the government's proposal comes out, we can continue consultations."
The Democratic Party has requested the National Assembly's Political Affairs Committee, which oversees digital asset legislation, to convene a bill review subcommittee meeting on January 27 to place the related bills on the agenda.
At the press conference, the party's Digital Asset Task Force welcomed Shin's change in position and emphasized the need for substantive legislative discussions. Task force members stated, "We meaningfully evaluate and welcome the nominee's stance on stablecoins expressed at the confirmation hearing," adding, "It is now time to move beyond unproductive debates over the necessity of stablecoins and focus discussions on designing and institutionalizing them safely."
Earlier, at his National Assembly confirmation hearing on Wednesday, Shin said, "I was negative about stablecoins in the past, but I believe they can coexist in a complementary yet competitive manner within the future monetary ecosystem."
However, even as parliamentary discussions begin in earnest, reaching actual consensus is expected to take considerable time. Significant gaps remain between political circles and the government on key issues, including the 51 percent cap on bank ownership and restrictions on major shareholders of virtual asset exchanges.
The June 3 local elections also present a variable. The difficulty of accelerating legislative activity ahead of elections is cited as another complicating factor. The Democratic Party is also considering an approach of first passing provisions that can be addressed immediately while setting aside contentious issues for subsequent discussions.
