The Korea Fintech Industry Association (Chairman Lee Geun-joo, CEO of Hanpass) announced that it held the 'Stablecoin X Digital Asset Infrastructure Council Meeting' in the large lecture room on the 17th floor of the Seoul International Finance Center (IFC) at 3:30 PM on July 17th.
This meeting was arranged to share with member companies the detailed provisions of the 'Digital Asset Innovation Act' and new business utilization plans related to stablecoins, and to collect opinions on the separate stablecoin bill promotion plan.
In his opening remarks, Association Chairman Lee Geun-ju stated, “The Digital Asset Innovation Act and stablecoins are not simply technological changes, but represent a fundamental transformation of the domestic digital financial ecosystem,” and added, “We will strengthen the industry’s response by discovering practical business cases rather than stopping at legislating.” He added, “Based on this discussion, we will work closely with the National Assembly and financial authorities so that the bill can be specified and quickly legislated to meet the needs of the industry.”
Attorney Kim Hyo-bong (Taeyang Law Firm), who took the podium as a keynote speaker, emphasized that the “Digital Asset Innovation Act” is a bill to industrialize the digital asset market, and explained that if the bill is passed, various entities such as financial institutions and fintech companies will participate in the issuance and distribution of stablecoins, enabling quantitative and qualitative growth in the market. He also said that the bill was designed to take into account the characteristics of the market so that various services related to digital assets can be provided without regulatory gaps.
Specifically, the association is responsible for reviewing public documents and operating the public disclosure system, and individual businesses are required to have transaction support review functions, but transaction support standards and procedures are stipulated in law and subject to post-inspection by the Financial Supervisory Service.
“Stablecoins are a future financial infrastructure that overcomes the inefficiencies of the existing financial system,” said Seo Byeong-yoon, head of the DSRV Future Finance Research Institute and chairman of the Stablecoin Council. “Allowing trade payments via stablecoins will reduce intermediary bank costs, foreign exchange and SWIFT fees, and enable real-time settlement, providing a new growth engine for export companies and the industry as a whole.” He continued, “As chairman of the council, I will continue to convey the industry’s opinions to the National Assembly and the government during the regulatory improvement process and contribute to building a global-level won stablecoin ecosystem.”
Jeong Gu-tae, CEO of Infinite Block and chairman of the Digital Asset Infrastructure Council, said, “We have done our best to prepare so that the Digital Asset Innovation Act can be proposed as soon as possible,” and “We will actively promote institutionalization to create a sound digital asset ecosystem.”
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