South Korea's ruling party establishes digital asset task force to draft stablecoin and cryptocurrency legislation

South Korea's ruling Democratic Party has established a digital asset working group to draft comprehensive stablecoin and cryptocurrency legislation. The working group aims to enact digital asset legislation during this year's regular session and at the end of the year at the National Assembly. The country faces increasing pressure from capital flight, with $40.6 billion in digital assets transferred abroad in the first quarter of 2025, half of which were stablecoins.