South Korea may soon tighten oversight of stablecoins and digital assets under a new bill introduced Tuesday.
Ruling party lawmaker Min Byeong-deok announced the Digital Asset Basic Act during a press conference, framing it as a roadmap for crypto innovation.
He said the legislation would help South Korea lead in the digital economy and build trust in blockchain markets.
New Requirements Target Stablecoin Issuers
The bill introduces a licensing system for stablecoin issuers. It mandates a minimum capital of 500 million won ($367,890) for license eligibility.
This aligns with President Lee Jae-myung’s campaign promise to develop a Korean won-backed stablecoin industry. The move aims to limit capital outflows through foreign-denominated stablecoins.
Min, who led Lee’s digital asset committee during the election, emphasized the national importance of sovereign stablecoin infrastructure.
A Step Beyond Investor Protection Law
This proposal expands on the Virtual Asset Investor Protection Act, which took effect in July 2024. That law prioritized investor safety.
Now, the new bill seeks to define rules for digital asset operations, focusing on long-term market infrastructure and institutional clarity.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/south-korea-proposes-stablecoin-licensing-under-new-crypto-law/