Democratic Party lawmaker Ahn Do-geol emphasized on the 22nd that digital assets are evolving beyond investment vehicles into next-generation financial infrastructure. Speaking at a seminar titled 'Global Digital Asset Institutionalization Trends and South Korea's Legislative Direction' held at the National Assembly Members' Office Building in Yeouido, Ahn stated that blockchain-based digital assets are enhancing payment and remittance efficiency while expanding investment access through tokenization. He cited the tokenized real-world asset market's growth from $5.5 billion in January last year to $32.4 billion currently — a more than fivefold increase — as evidence of this shift. Ahn called for South Korea to swiftly resolve institutional uncertainty, noting that the U.S. has secured digital finance leadership through the GENIUS Act and the pursuit of the CLARITY Act. He announced that the Democratic Party will accelerate legislation of the Digital Asset Basic Act in the second-half National Assembly session and revise the Electronic Financial Transactions Act to enable stablecoin use in payments, remittances, and commerce.
Tokenized Real-World Asset Market Grows Fivefold to $32.4 Billion
Ahn highlighted the rapid expansion of tokenized real-world assets, including government bonds, money market funds, deposits, and real estate. The market size increased from $5.5 billion in January last year to $32.4 billion currently. Global financial institutions are actively participating: BlackRock operates the BUIDL money market fund, while JPMorgan runs deposit tokens for institutional investors and is pursuing tokenized money market fund offerings. South Korean financial institutions are also investing in digital asset exchanges and preparing for the convergence of traditional finance with digital assets, including stablecoin-linked credit payments and tokenized Korean bond models.
U.S. Enacts GENIUS Act and Pursues CLARITY Act for Digital Asset Framework
Ahn noted that the U.S. government has enacted the GENIUS Act to secure leadership in digital finance and is currently pursuing the CLARITY Act to refine the legal foundation for digital assets. He stated that these legislative actions demonstrate that digital asset institutionalization is no longer optional, as the financial sector transitions rapidly to digital finance and major national financial institutions compete to build new financial infrastructure.
Democratic Party to Accelerate Digital Asset Basic Act in Second-Half National Assembly Session
Ahn announced that the Democratic Party has completed discussions on the Digital Asset Basic Act and reached consensus on major issues. He stated that the second-half National Assembly session will open soon and that the party will accelerate legislation to protect investors, secure market trust, and establish an institutional foundation for healthy industry growth. Beyond the Digital Asset Basic Act, the party plans to revise the Electronic Financial Transactions Act and related laws to enable stablecoin use in payments, remittances, and commerce. Ahn emphasized the need to redefine the responsibilities of participants in distributed ledger-based payment and settlement processes and to establish institutional safeguards for user protection and transaction stability. The seminar was hosted by the offices of lawmakers Ahn Do-geol and Lee Kang-il, and organized by the Korea Financial Investment Association and Tiger Research.
FAQ
What did Ahn Do-geol announce on the 22nd regarding digital asset legislation?
Ahn Do-geol announced that the Democratic Party will accelerate legislation of the Digital Asset Basic Act in the second-half National Assembly session and revise the Electronic Financial Transactions Act to enable stablecoin use in payments, remittances, and commerce.
Why did Ahn Do-geol emphasize the urgency of digital asset legislation?
Ahn emphasized urgency due to the tokenized real-world asset market's fivefold growth from $5.5 billion in January last year to $32.4 billion currently, the U.S. enacting the GENIUS Act and pursuing the CLARITY Act, and the need for South Korea to resolve institutional uncertainty to compete in digital finance infrastructure.
