A South Korean legislator has introduced a full bill aimed at establishing a more structured regulatory environment for cryptographic assets in the country. The proposed legislation, known as Digital Asset Basic Act, was announced Tuesday by Min Byeong-Deok, member of the Democratic Party in power.
The bill is designed to complete the law on protection against virtual asset investors, which entered into force in July 2024, going beyond the guarantees of investors to define a broader legal basis for the activity of digital assets.
Alignment with global trends in stablecoin
During a press conference, Min described the bill as a step towards the positioning of South Korea as a world leader in the digital economy. A key characteristic of legislation is the implementation of a license system for stable transmitters.
Under the proposed rules, stablecoin operators would be required to have a minimum of 500 million Won Korean (around $ 367,890) in the owner’s capital to qualify for a license. This requirement is intended to guarantee financial responsibility and to support the wider objective of the government to promote the stable co -corean levered.
The provision of Stablecoin licenses seems to support the broader political program of the administration under President Lee Jae Jae-Myung, who previously committed to allowing a national Stablecoin market.
Min, who led the digital asset committee during the President Lee’s electoral campaign, said that the measure aims to limit capital leak through stables -co -evidence -based on foreign currency and support a robust local digital financial system.
The legislative push follows similar developments in other jurisdictions. In the United States, the law on engineering, which addresses the regulation of stablescoin, is gaining ground with the support of President Donald Trump. Meanwhile, Hong Kong recently promulgated its own license framework for stable issuers.
These international examples seem to shed light on the approach of South Korea, as MIN underlined the parallels with regulatory practices in the United States, the European Union and in Japan, in particular with regard to the issue, distribution and trade in digital assets.
Establish wider monitoring of digital assets
Beyond Stablecoins, Digital Asset Basic Act aims to provide legal clarity on the classifications of digital assets and the responsibilities of service providers operating in the ecosystem.
The bill includes provisions for the creation of a digital asset committee to be directly supervised by the president’s office, emphasizing a centralized surveillance mechanism.
In addition to structural reforms, proposed legislation describes legal frameworks to combat market misconduct. These include sanctions for unfair negotiation practices such as manipulation of prices or the dissemination of false information, areas not directly addressed by previous laws.
The bill also includes measures to normalize compliance procedures for exchanges and guards operating in the country. If adopted, the digital basic asset would mark an important step in the evolution of the cryptographic regulatory space of South Korea.
While courts around the world continue to develop their approaches to digital finance, the framework offered in South Korea positions it among countries that seek to balance innovation with surveillance. The bill should undergo additional review and discussion in the National Assembly in the coming months.
Star image created with Dall-E, tradingView graphic
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