South Korea Nears Landmark Crypto Regulation With Digital Asset Basic Act
South Korea is poised to enact its first comprehensive cryptocurrency legislation, with the ruling Democratic Party finalizing the "Digital Asset Basic Act." The bill, set for submission before the Lunar New Year holiday, introduces capital requirements for stablecoin issuers and categorizes crypto businesses into eight regulated segments.
Stablecoin issuers will face a minimum capital threshold of 5 billion won ($3.5 million), aligning with existing electronic money regulations. Lawmakers emphasize that final figures remain subject to further coordination with government authorities.
The legislation delineates digital asset businesses into distinct categories, including wallet services. High-risk segments will require regulatory authorization, while others need only registration. "We've structured eight business types to reflect the digital asset market's unique characteristics," stated TF Chairman Lee Jung-moon.
