Kim Min-seok, former Prime Minister and Democratic Party representative candidate, announced financial reform tasks including the Digital Asset Basic Law on May 22 morning at a press conference in the National Assembly Communication Center. The '4+1 Reform Tasks' include digital asset sovereignty establishment through legislation processing, KRW stablecoin institutionalization, and token securities framework. The Digital Asset Basic Law, which includes stablecoin institutionalization and business operator regulations, targets legislation within the year but was postponed indefinitely from March party-government consultation due to the Middle East situation.
Kim Min-seok Proposes Digital Asset Sovereignty Through Legislative Framework
Kim stated that financial reform centered on digital asset sovereignty establishment is necessary. The reform tasks are divided into five categories: financial reform focused on national sovereignty, regional growth reform, judicial reform focused on national sovereignty, media reform focused on national information sovereignty, and constitutional amendment.
Digital asset-related tasks are included in the financial reform category. Specific measures include processing the Digital Asset Basic Law, institutionalizing KRW stablecoins, institutionalizing token securities issuance and distribution, and parallel investor protection.
Kim also presented additional financial reform measures: complete value-up through enhanced disclosure and discovery introduction, activation of public participation funds, and strengthening of policy consumer finance and consumer protection finance.
Digital Asset Basic Law Faces Indefinite Delay After March Postponement
The Digital Asset Basic Law, which includes stablecoin institutionalization and business operator regulations, currently targets legislation within the year. The legislation was scheduled to begin through party-government consultation in March but was postponed indefinitely due to the Middle East situation.
Reform Package Includes Regional Growth and Judicial System Changes
For regional growth reform, Kim mentioned processing the Mega Special Zone Special Act, promoting ultra-wide area development strategies by region, and supporting three major mega projects and regional growth directly under the party leader.
Judicial reform measures include guaranteeing fair investigation and swift trials, strengthening citizen participation and citizen control, legislating victim participation rights in criminal procedures, and relocating judicial institutions to provinces and expanding disclosure of court rulings.
For media reform, Kim proposed relief for fake news victims and establishing a media innovation special committee directly under the party leader.
Kim stated that major social reforms after prosecution reform should be centered on people's livelihoods. He added that specific details will be adjusted through discussions with lawmakers and experts while actually operating the party.
FAQ
What did Kim Min-seok announce on May 22?
Kim Min-seok announced '4+1 Reform Tasks' at a press conference in the National Assembly Communication Center on May 22 morning. The tasks include financial reform with digital asset sovereignty establishment, regional growth reform, judicial reform, media reform, and constitutional amendment.
What digital asset policies are included in Kim Min-seok's financial reform plan?
The digital asset policies include processing the Digital Asset Basic Law, institutionalizing KRW stablecoins, institutionalizing token securities issuance and distribution, and parallel investor protection measures.
Why was the Digital Asset Basic Law postponed?
The Digital Asset Basic Law was scheduled to begin legislation through party-government consultation in March but was postponed indefinitely due to the Middle East situation.
