South Korean Government Launches First Stablecoin Legislation Forum, Advancing "Digital Asset Basic Act" Enactment Within the Year

TechFlow News, July 21, according to Edaily, the South Korean government held the first stablecoin legislation forum attended by the Deputy Prime Minister for Economy on July 21, centering on discussions regarding the "Basic Act on Digital Assets," with a focus on stablecoin issuance and circulation systems, segmented regulation of the digital asset industry, and the improvement of anti-money laundering rules.

Against the backdrop of the U.S. "GENIUS Act" expected to be fully implemented next January and rising expectations for the expansion of USD stablecoins, the South Korean government and the ruling party are pushing to complete legislation on relevant bills within the year to accelerate the institutionalization of won-backed stablecoins and the development of digital payment infrastructure.