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The ruling Democratic Party of Korea launches a cryptocurrency task force.
The Democratic Party of Korea has just launched a new task force on cryptocurrency and blockchain policy to promote industry growth. Announced on September 24th at the National Assembly, the task force is committed to accelerating action toward the enactment of a legal framework supporting cryptocurrencies, especially stablecoins, before the end of 2025.
Representative Lee Jeong-moon, along with Chairman of the Digital Asset Committee Min Byoung-dug, emphasized that stablecoins are a driving force for financial innovation. Unlike previous laws that focused solely on exchanges, this time the goal is to both protect investors and expand business opportunities.
The authorities will coordinate with management agencies, the Central Bank, and the private sector, including exchanges, fintech, and investment funds. However, the Central Bank remains cautious, wanting to issue stablecoins gradually. If the new law is passed, South Korea could become one of the first major economies to have a comprehensive legal framework for stablecoins.