Min Byungduk: "Legislation on Digital Asset Basic Act Delayed by Pointless Debates"

Lecture at KBW 2026

As the legislative process for the Digital Asset Basic Act continues to be delayed, including the postponement of a scheduled public hearing, Byungduk Min, a member of the Democratic Party of Korea, criticized the discussions over which entities should be allowed to issue stablecoins and the debate over major shareholder stake limits for virtual asset exchanges as being pointless.

On the 30th, at "Korea Blockchain Week (KBW) 2026" held at Walkerhill Hotel & Resort in Seoul, Min stated, "The structure of the Digital Asset Basic Act discussion in Korea is frustrating. No country in the world regards the issues of stablecoin issuers or exchange shareholding limits as core debates, yet Korea is focusing on the wrong issues," he said.

Min Byungduk, a member of the Democratic Party of Korea, is giving a lecture at the 'Korea Blockchain Week (KBW) 2026' held on the 30th at the Walkerhill Hotel & Resort in Seoul. Photo by Oh Gyumin

He emphasized that the expansion of artificial intelligence (AI), the proliferation of stablecoins, and the emergence of the dollar as a digital key currency have invigorated the digital economy. Citing lessons from history, he stressed that dominating standards and infrastructure is more important than developing AI technologies themselves, warning that Korea must not remain a mere technology follower. In particular, Min pointed out that as dollar stablecoins become the foundation for payment infrastructure in the AI era, if Korea fails to establish adequate systems, domestic companies and investors will migrate to overseas platforms and the Korean economy will inevitably become marginalized amid the coming "dollar tsunami." He said, "As dollar stablecoins surge like a tsunami, the way for us to overcome it is not to build barriers but to ride the tide."

Min explained that Korea needs three things to prepare for the era of digital finance. First, he called for the prompt enactment of the Digital Asset Basic Act to enable the issuance of a lighter and more convenient won-denominated stablecoin than the dollar stablecoin. Second, he argued that an environment must be created for the growth of domestic Web3 and fintech (finance + technology) companies that understand both AI and finance. Third, he stressed the need to foster an educational environment that produces talent with both development capabilities and financial expertise to drive AI–finance convergence.

He also stated, "We have two choices. One is to watch these changes unfold and think 'maybe someday we could try it,' and the other is to prepare ourselves now and become a country that sets the standards and norms as Asia's digital finance hub."

Finally, Min concluded, "There is one thing we currently lack: both politicians and authorities lack the resolve—yet now is the time for decisive action," vowing to achieve the institutionalization of the won stablecoin, legislation of the Digital Asset Basic Act, and the participation of institutional investors in the market.

This content was produced with the assistance of AI translation services.