South Korea's ruling Democratic Party has established a "Digital Asset Task Force" aimed at passing comprehensive stablecoin and virtual asset legislation by the end of the year. The initiative seeks to protect the country's monetary sovereignty. The task force will coordinate with the Financial Services Commission, the Financial Supervisory Service, and the Bank of Korea, while engaging with exchanges and fintech companies. Lee Jung-moon, the task force leader, emphasized the development of a Korean won-based stablecoin policy to counteract dollar-based stablecoins. Task force chair Han Jung-ae highlighted the market's demand for regulations covering virtual asset issuance, distribution, and stablecoins to foster innovation and adapt to the evolving financial landscape.