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South Korea Plans 'Digital Assets Basic Law,' Stablecoin Issuers Capital Requirement at Minimum of $3.5 Million
BlockBeats News, January 28th, according to South Korea's Daily Economic News, the ruling party, the Democratic Party of Korea, has decided to propose the "Digital Assets Basic Law" draft before the Lunar New Year holiday to bring the virtual asset market under regulation. The draft law proposes that the statutory capital requirement for stablecoin issuers should be at least 5 billion Korean won (about 3.5 million US dollars), taking into account the current capital requirements for electronic currency businesses in the Electronic Financial Transactions Act.
At the same time, a cross-departmental consultation body called the "Virtual Asset Consultative Council" will be established to oversee market risk management, with the chairperson of the Financial Services Commission serving as the head of this council. Regarding the supervision of Korean banks, the initial plan is to include them in the consultation process.
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