Korea Fintech Industry Association Unites Industry Efforts for Stablecoin Legislation

Sharing with Member Companies and Gathering Opinions on the 17th

The Korea Fintech Industry Association announced that it held the 'Stablecoin X Digital Asset Infrastructure Council Meeting' at the Seoul International Finance Office IFC in Yeouido on the 17th.

Geunju Lee, Chairman of the Korea Fintech Industry Association, is delivering the opening address at the Stablecoin X Digital Asset Infrastructure Council meeting held on the afternoon of the 17th at the Seoul International Finance Office IFC in Yeouido. Photo by Pinsanhyeop

The meeting was organized to share specific provisions of the Digital Asset Innovation Act and new business utilization strategies for stablecoins with participating member companies of the council, and to gather opinions on plans to promote a separate legislative bill for stablecoins.

Geunju Lee, Chairman of the Korea Fintech Industry Association, stated, "We plan to work closely with the National Assembly and financial authorities to ensure the bill is enacted swiftly," adding, "We will not stop at legislation, but will continue to identify practical business use cases for stablecoins and digital assets, and respond more proactively to industry developments."

Hyobong Kim, attorney at Bae, Kim & Lee LLC and keynote speaker, explained, "If the Digital Asset Innovation Act passes, financial institutions and fintech companies will be able to participate in the issuance and distribution of stablecoins, which can accelerate market growth." He further noted, "The bill focuses on designing regulations that take into account the unique characteristics of the digital asset market."

The bill specifies that the association will be responsible for reviewing disclosure documents and operating the disclosure system, while the function of trading support review will be assigned to individual businesses. It also stipulates that trading support standards and procedures will be regulated by law, allowing for post-supervision through inspections by the Financial Supervisory Service.

Byungyun Seo, head of DSRV Mirae Finance Research Institute, which chairs the Stablecoin Council, said, "If trade settlements using stablecoins are permitted, export companies will be able to reduce intermediary bank, currency exchange, and SWIFT fees, as well as achieve real-time settlement. This could provide a new growth engine for our entire industry."

Gutae Jung, CEO of Infiniteblock and chairman of the Digital Asset Infrastructure Council, stated, "We will further strengthen our efforts to institutionalize the system in order to build a sound digital asset ecosystem."

Meanwhile, the Korea Fintech Industry Association has been hosting a series of National Assembly forums and seminars since February to accelerate the legislative momentum for the Digital Asset Innovation Act.