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South Korean lawmaker Min Byeong-deok has introduced a new bill called the Digital Asset Basic Act aiming to establish a clear framework for the crypto industry. This groundbreaking legislation includes a licensing system for stablecoin issuers and requires them to hold at least 500 million Korean won in owner’s capital. The bill reflects the ruling party’s commitment to building a thriving crypto environment and aligns with President Lee Jae-myung’s vision to support a Korean won-based stablecoin market.
The new proposal builds on the Virtual Asset Investor Protection Act which took effect in July 2024. While that law focused on investor safety this bill targets a broader structure for the issuance trading and regulation of digital assets. It also defines digital assets and calls for the creation of a presidential Digital Asset Committee to oversee the sector.
Other global powers including the United States Hong Kong and the EU have introduced similar stablecoin regulations. Min emphasized South Korea’s ambition to lead in the global digital asset economy.
