Rep. Park Min-gyu of the Democratic Party stated on July 15 at a seminar in Seoul that the Digital Assets Basic Act proposal will likely not occur until after August. Speaking at the 'US Digital Asset Hegemony Strategy and Korea's Response' seminar held at Hotel Naru in Mapo-gu, Park said he hopes the bill will be proposed in early September following party-government consultations. The timeline is tied to the Democratic Party's national convention on August 17 and the subsequent appointment of a new policy chief in late August, which will determine the reorganization of the Digital Assets Task Force (TF). Legislative discussions on the Digital Assets Basic Act have been delayed since March due to local elections, with the previous TF—launched in September last year to institutionalize digital assets—expiring alongside the floor leader's term.
Democratic Party to Reorganize Digital Assets TF in September
Park projected that the Democratic Party's national convention will take place on August 17, with the policy chief announcement expected in late August. He stated that if the Digital Assets TF is requested at that time, it will likely launch in September. Park explained that once the new policy chief is appointed and the TF resumes work, decisions will be made regarding which version of the Digital Assets Basic Act to propose. He added that TF members may remain the same as previous lawmakers or be newly recruited, with some existing members potentially departing.
Three Lawmakers Visit US to Study Digital Asset Strategy in June
Park, along with Democratic Party Rep. Min Byung-deok and People Power Party Rep. Kang Min-guk, completed a 4-night, 6-day trip to the United States in June. The delegation met with officials from the White House, Senate, House of Representatives, SEC, and New York Stock Exchange. Park noted that the most memorable aspect of the visit was confirming the US strategic intent, expectations, and energy regarding maintaining dollar hegemony through stablecoins. He specifically mentioned meeting House members who played key roles in passing the Genius Act and Clarity Act, as well as Senator Tim Scott. Park observed that US officials maintain regular communication with industry players—exchanges and token-issuing companies—which forms the foundational data for rulemaking.
Two Key Disagreements Block Digital Assets Basic Act Progress
Park identified two core disagreements that have stalled the Digital Assets Basic Act. First, the government and some Democratic Party Digital Assets TF members strongly oppose exchange shareholding restrictions, while some lawmakers partially agree such limits are necessary. Second, the government proposal requires stablecoin issuers to have 50% plus one share of bank ownership, which TF members dispute. Park acknowledged that once the bill is published, additional issues beyond these two will require discussion. He emphasized that resolving these disagreements is critical, as the Digital Assets Basic Act represents only the first of ten necessary steps to create a functional ecosystem and generate industrial effects.
FAQ
When did Rep. Park Min-gyu say the Digital Assets Basic Act will be proposed?
Rep. Park Min-gyu stated on July 15 that the Digital Assets Basic Act proposal will likely occur after August, with an ideal target of early September. The timeline depends on the Democratic Party's national convention on August 17 and the appointment of a new policy chief in late August, after which the Digital Assets TF will be reorganized in September.
What did the three South Korean lawmakers observe during their US visit in June?
Reps. Park Min-gyu, Min Byung-deok, and Kang Min-guk visited the United States for 4 nights and 6 days in June, meeting officials from the White House, Senate, House, SEC, and NYSE. Park noted that US officials confirmed the country's strategic intent to maintain dollar hegemony through stablecoins and demonstrated regular communication with industry players, which informs US regulatory rulemaking.
