It was argued that for Korea to leap forward as an Asian digital asset hub, swift legislation on Bitcoin spot ETFs and stablecoins is necessary. In particular, an analysis emerged that introducing stablecoins linked with K-pop and K-beauty could be a key strategy for attracting global funds.
Democratic Party member Kim Byung-gi held a policy forum on 'Global Legislation Trends of Virtual Assets and the Future of South Korea' at the National Assembly Library on the 20th, analyzing precedents from the US and Europe to explore Korea's legislative direction.
■ "ETF's Core is Transparency... Disclosure Obligation Necessary"
Franklin Templeton Digital's Vice Chairman Andrew Crawford stated, "ETFs are advantageous in terms of investor accessibility and portfolio diversification," adding that "the most important thing is ensuring transparency, and disclosure obligations along with regulatory measures like KYC and AML are absolutely necessary."
■ "Korea Faster Than Europe, Opportunity for Global Stablecoins"
Regarding stablecoins, Ancherage Digital's Sergio Mello noted, "Europe's MiCA regulation significantly constrained stablecoins' global expansion," and "Korea, with its fast internet and digital infrastructure, is in a much more advantageous position."
He particularly emphasized that "the most crucial aspect of stablecoin development is liquidity," pointing out that "while the US included government bonds in reserve assets to enhance effectiveness, Europe composed reserves only with cash, failing to expand the market."
■ Combining K-Culture and Stablecoins... "Will Attract Global Funds"
Tether's (USDT) Andreas Kim stated, "Global interest in K-pop and K-beauty is already proven," predicting that "if stablecoins are integrated into online shopping, remittances, and tourism, global funds could flow into Korea." He added that "especially the Latin American market has high demand for Korean products," suggesting this combination could create new revenue opportunities.
■ "Must Fill Legislative Gaps... Korea Should Start Discussions Now"
Kim Byung-gi emphasized, "Virtual assets are no longer in the shadows but at the center of changing the world economy," stressing that "the longer legislation is delayed, market leadership will shift to foreign countries. Now is the optimal time to establish a Korean-style regulatory framework."
Kang Hoon-sik noted, "Discussions on second-stage legislation were halted due to an early election," adding that "discussions aligned with global trends should resume now."
■ Experts Say "Independent Body Needed for ETF and Stablecoin Regulation"
The discussion highlighted key tasks such as including government bonds in stablecoin reserve requirements, reducing regulatory compliance costs, and ensuring inter-country compatibility. Experts unanimously agreed that "regulation and supervision must ensure credibility and efficiency through an independent body."
