Min Byung-deok Aims for Passage of Digital Asset Basic Law in Second Half of the Year

Min Byung-deok, a member of the Democratic Party, announced that he will ensure the passage of the Digital Asset Basic Law aimed at the institutionalization of the Korean won stablecoin in the second half of this year. At a policy seminar held at the National Assembly on the 21st, he emphasized the necessity of passing the bill, stating, "The system should be a stepping stone for innovation, not a hindrance." He pointed out the rapid spread of dollar stablecoins, explaining that 92.4% of the market capitalization of fiat-linked stablecoins is dollar-linked. Min stressed that the competitiveness of stablecoins comes from the ecosystem, highlighting the importance of not only issuing the won stablecoin but also securing distribution networks and usage scenarios. Citing Japan's yen stablecoin JPYC as an example, he stated that the won stablecoin must also build an ecosystem centered on real usage. He proposed trust, practical design, global connectivity, and unique usage scenarios in Korea as success conditions, emphasizing the need to leverage Korea's cultural content industry. Min concluded by stating, "We cannot leave innovation without trust to the market," underscoring the necessity of a safe institutional framework. On the same day, Min was appointed as the Senior Vice Chair of the Economic Sector of the Democratic Party's Policy Committee.