According to online reports, according to the Chosun Ilbo, South Korea's Common Democratic Party Congressman Andujeh will formally submit the draft of the "Legal Case Related to the Issuance and Circulation of Value-Stable Digital Assets" today. This is South Korea's first systematic legislative proposal for the entire process of issuance, circulation and supervision of won denominated stablecoins. It is more specific than the stablecoin provisions involved in Senator Min Byung-dek's Basic Law on Digital Assets last month. It is worth noting that the ruling National Power Party MP Kim Hye was also disclosed by the "Daily Economic News" that he would submit a similar bill this week, forming a legislative race between the two parties. The special bill first proposed by the Democratic Party marks that the South Korean legislature has entered the substantive operational stage of building a regulatory framework for stablecoins, or lays a legal foundation for the subsequent compliant issuance of Korean won stablecoins.