South Korea's Ruling Democratic Party Launches Digital Asset Task Force for Comprehensive Crypto Legislation

South Korea's ruling Democratic Party officially launched a Digital Asset Task Force on September 24, to advance comprehensive legislation covering digital assets and stablecoins. The Seoul-based political party, which holds majority control in the National Assembly, created the specialized group to accelerate regulatory development in Asia's fourth-largest economy.

The task force formation marks a significant shift in South Korea's approach to crypto regulation, moving beyond current patchwork rules toward unified legislative framework. Han Jung-ae, chairman of the Democratic Party's policy committee, said at the launch ceremony that multi-asset investors combining stocks and crypto have become mainstream, creating market demand for comprehensive legislation covering virtual asset issuance, distribution, and stablecoins.

Representative Lee Jung-moon, who heads the task force, emphasized South Korea's intent to lead rather than follow global digital asset trends. Lee said the party aims to protect Korea's monetary sovereignty by establishing won-based stablecoin policies to compete against dollar-denominated alternatives from other countries. The task force plans to work toward enacting digital asset laws through regular and year-end National Assembly sessions in 2025.

The initiative comes as South Korea's crypto market ranks among the world's largest by trading volume, with major exchanges like Upbit and Bithumb serving millions of users. The country's regulatory approach carries significant implications for the broader Asian crypto ecosystem, as regional governments often reference Seoul's policies as benchmarks.

Central to the task force's agenda is developing won-based stablecoin legislation, which would enable creation of digital tokens pegged to the Korean won. This approach aligns with the Democratic Party's broader strategy to strengthen monetary sovereignty while maintaining South Korea's position as a major crypto trading hub in the region.

The task force's timeline calls for comprehensive digital asset legislation to be ready for National Assembly consideration by the end of 2025. The group plans to coordinate with government agencies, industry representatives, and experts through meetings and legislative public hearings during the drafting process to address potential disagreements within and outside the party. 

Connect with us:
Fast News: t.me/blockflownews
Insights & Trends: x.com/BlockFlow_News