Kim Sang-hoon urged lawmakers to prioritize stablecoin legislation, warning that offshore won stablecoin issuance could weaken monetary sovereignty as debate grows over proposed exchange ownership caps.
South Korean lawmaker Kim Sang-hoon called on lawmakers to focus first on a stablecoin-centered digital asset law rather than advancing a proposal that would limit major shareholders in crypto exchanges to 15% to 20%. He argued that overseas issuance of the won-pegged stablecoin KRWQ poses a challenge to South Korea’s monetary sovereignty. Legal experts also said the proposed ownership cap could be unconstitutional. The comments add detail to an ongoing policy debate in South Korea, where the Democratic Party’s digital asset task force plans to begin formal talks on the Digital Asset Basic Act after the June 3 elections and has already opposed exchange ownership limits and a proposed 50% bank stake rule for won stablecoin alliances.