South Korea's ruling party finalizes the "Basic Law on Digital Assets," requiring stablecoin issuers to have a minimum capital of approximately $3.5 million

PANews, January 28 — According to Korean media reports, South Korea's ruling Democratic Party has finalized the name of its bill aimed at regulating the virtual asset market as the "Basic Digital Asset Act" and plans to submit it before the Lunar New Year holiday. They have also agreed to set the minimum statutory capital requirement for stablecoin issuers at 5 billion KRW (approximately $3.5 million). However, sensitive issues such as the scope of authority for the Bank of Korea and restrictions on major shareholders' holdings will be finalized after further coordination with the policy committee.