South Korea's ruling Democratic Party has unveiled a draft law titled the 'Digital Asset Framework Act,' aiming to establish comprehensive regulations for virtual assets. The proposal seeks to create clear legal guidelines for issuance, trading, custody, and oversight of digital assets nationwide, positioning South Korea as a potential leader in digital finance.
The legislation categorizes asset-backed tokens linked to commodities or fiat currencies separately, requiring issuers to obtain prior authorization and meet reserve obligations. Firms operating in the digital asset market must comply with capital and operational standards, signaling stricter oversight amid growing institutional interest.
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