[Block Festa 2026] Min Byung-deok: "We Can No Longer Wait for the Government Proposal... Digital Asset Basic Law Must Be Processed This Year"

At Block Festa 2026, "Public hearings and discussions on the bill will intensify right after the National Assembly audit"

The threshold for issuing a won stablecoin must be lowered... "It's about regulating actions, not just entry"

"There’s no reason to limit it to banks and large corporations... Startups should also have opportunities"

[Block Media Reporter Oh Soo-hwan] Min Byung-deok, a member of the Democratic Party, expressed his determination to process the Digital Asset Basic Law within this year. Instead of waiting any longer for the government’s second-stage legislative proposal, he plans to intensify public hearings and discussions in the bill subcommittee right after the National Assembly audit. He emphasized that the market for won stablecoins should be opened to various qualified businesses, not just limited to banks.

Min, who is the senior vice-chairman of the Democratic Party’s Policy Committee, stated this on the 1st at the 'Block Festa 2026' held at the IFC The Forum in Yeouido, Seoul, saying, "We really need to hurry now."

He pointed out that while the digital asset markets and systems in major countries like the United States, Japan, Hong Kong, and Singapore have rapidly changed over the past two years, the domestic institutionalization has not kept pace.

He said, "While it’s important to create a perfect law, what good is it if we take so long to make a perfect one that by the time it’s done, everything is over?" He added, "In new industries, rather than waiting for a perfect law, it’s better to create a basic framework with a score of 70 and then improve it according to market changes."

He particularly pointed out the delay in the government’s submission of the second-stage legislative proposal. During the establishment of the Virtual Asset User Protection Act in 2023, it was required to prepare the second-stage legislative proposal within a year through accompanying opinions, but so far, no government proposal has been released.

Min stated, "I believe we no longer need to just wait for the government proposal," and emphasized, "We must vigorously proceed with public hearings or bill subcommittee discussions right after the National Assembly audit."

He continued, "We must conclude the Digital Asset Basic Law within this year," stressing, "I said the same thing here two years ago, but this time we will definitely finish it."

He also stated that legislation for won stablecoins must be expedited. Given that dollar stablecoins are already being traded domestically and the use of blockchain for major currencies like the euro and yen is expanding, he believes there is no room for further discussion regarding the issuing entities.

Min remarked, "Dollar stablecoins have already entered our homes," and added, "We have wasted too much time discussing who will issue the won stablecoin." He concluded, "We can no longer wait. We need to hurry, and I will take the lead in this."

He drew a line against limiting the issuing entities to banks. He believes that while allowing market entry to those who meet certain qualification criteria, a regulatory framework that strictly holds them accountable for actions and results during the business process is necessary.

Min stated, "We must keep the market open to various qualified businesses," and emphasized, "We should not impose entry regulations but rather action regulations."

He further stated, "We need to create a system centered on action regulations that holds strict accountability for actions taken in the market while keeping the door open reasonably," and pointed out, "We are trapped in the dogma that only banks are safe."

He stressed that market entry for startups and innovative companies should also be allowed. He questioned, "Why should we limit the use of won on blockchain to only large banks or corporations?" and insisted, "Startups and innovative companies with the willingness and technology to create won stablecoins must also be given opportunities."

The spread of artificial intelligence (AI) agents was also cited as a reason to expedite the institutionalization of won stablecoins. As AI expands its role in purchasing goods or booking services on behalf of people, the importance of currencies that can be used in the digital environment is expected to grow.

Min stated, "Electronic payments using dollar stablecoins have become an unstoppable trend in the AI era," and described it as "an era where AI agents and AI assistants buy goods and book services."

He added, "If the won does not develop and innovate during this time, it will inevitably become unusable money, worthless money," and emphasized, "Existing currencies are entering daily life in digital form on blockchain. We must also ride this wave."

He mentioned the necessity of institutionalizing capital markets such as digital asset spot exchange-traded funds (ETFs) and security token offerings (STOs). While the tokenization of physical assets is spreading overseas, it has been pointed out that access to digital assets by financial companies is limited in Korea, as Bitcoin spot ETFs are not allowed.

Min stated, "Bitcoin spot ETFs are blocked in South Korea," and noted, "In the global financial market, physical assets are already being tokenized and traded just like existing financial products."

He continued, "Korea must broaden the investment foundation so that institutional investors such as banks, securities firms, asset management companies, and pension funds can manage various assets of our citizens in a wider market," and stressed, "We cannot become a market where only Korea cannot do what is possible in other countries."

Min concluded, "Our citizens and businesses must also have the same opportunities," and expressed hope that the Digital Asset Basic Law would be passed before this cold winter ends.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.