The post South Korea’s Ruling Party Pushes to Speed Up Bitcoin Laws After U.S. Genius Act appeared first on Coinpedia Fintech News

South Korea is taking big steps to catch up with the changing crypto world. After the United States passed the new GENIUS Act, the law aims to make clearer and safer rules for digital currencies. South Korea’s ruling party doesn’t want to be left behind. 

They have just announced plans to fast-track fresh laws covering Bitcoin and other cryptocurrencies.

Why Speeding Up Crypto Laws Matters

In a recent tweet post, Bitcoin Archive noted that South Korea’s ruling party plans to speed up crypto laws after the GENIUS Act in the U.S. The ruling Democratic Party believes faster legislation can protect users better while encouraging new business opportunities. 

A senior lawmaker said delays aren’t an option. They want clear rules on how exchanges handle money and stablecoins, and how to stop fraud.

Officials say the GENIUS Act proves big economies now take crypto seriously, and South Korea wants to lead, not fall behind.

However, their plan focuses on key points such as tax rules, stablecoins, and investor safety. 

Won-Based Stablecoin in the Works

Beyond Bitcoin and Ethereum, South Korea is working on something closer to home, its stablecoin tied to the Korean won. Korea Investment and Securities is leading this push, hoping to launch a won-backed digital currency. 

The idea is to make everyday payments, money transfers, and even complex financial deals faster and more stable.

This move shows how the country is stepping up in the digital finance revolution. Many experts say national stablecoins like this could soon reshape how people send money and pay bills.

Growing Public Interest in Cryptocurrencies

The popularity of cryptocurrencies in South Korea is growing fast. Currently, over 25% of South Koreans aged 20 to 50 own crypto assets, and about 70% of them plan to increase their investments. 

Many see digital currencies as an important part of their future savings and retirement plans, showing the increasing role crypto plays in everyday financial lives.