South Korea’s Democratic Party is expected to advance stablecoin-related legislation following the June election.

According to Edaily, Kim Hyun-jung, a member of the Democratic Party of Korea’s Digital Asset Task Force, stated that the “Digital Asset Basic Act”—which covers stablecoin regulation—is expected to be submitted after the June local elections, and related committee deliberations may also commence around the same time. The bill aims to regulate the entire digital asset ecosystem, including issuance, circulation, information disclosure, and listing of virtual assets. Kim Hyun-jung added that the party and government have yet to fully reach consensus on issues such as bank-led consortiums and equity oversight of digital asset exchanges; however, with Bank of Korea Governor Shin Hyun-song sending positive signals regarding stablecoins, related legislation is still expected to move forward.