People Power Party to pursue 100 major legislative tasks at regular session… including won-denominated stablecoins

The People Power Party said on the 29th that it will prioritize 100 legislative tasks at the regular session of the National Assembly, including a bill to establish legal grounds for the issuance and circulation of won-denominated stablecoins.

The Party's Policy Committee revealed this plan at a lawmakers' retreat held at the Incheon International Airport Corporation Aviation Training Center. The tasks are organized into seven areas: fostering future advanced industries, economic revitalization, recovery of the livelihood economy, youth opportunities, a safe society, care for vulnerable groups, and political reform.

Particularly notable is the legalization of won-denominated stablecoins to institutionalize the virtual asset (cryptocurrency) market. The People Power Party plans to bring the issuance and circulation of won-denominated stablecoins into the regulatory system to enable participation by the financial sector and to secure leadership in the internationally expanding digital currency competition.

In the political reform area, they will pursue amendments to the pardon law to exclude those who are co-conspirators with the president from eligibility for sentence reductions and restoration of rights, amendments to the confirmation hearing law, a law to monitor corruption at the National Election Commission, and amendments to the Public Official Election Act.

Economic revitalization tasks include amendments to the Commercial Act containing poison pill (management-defense measures), the introduction of dual-class voting rights, easing of breach-of-trust offenses, and measures to adjust inheritance and gift taxes.

In addition, major legislative tasks include addressing preferential treatment for foreigners and reverse discrimination against nationals in real estate transactions, abolishing the excess profits recovery system for reconstruction, and amending the law on leaflets to North Korea (deletion of provisions banning distribution and penalties), among others.