South Korea Unveils Digital Asset Basic Act
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 1h ago- Stablecoin Capital Requirement: The new bill mandates that South Korean stablecoin issuers maintain a minimum capital reserve of 5 billion KRW (approximately $3.5 million), aligning with existing standards for electronic money firms to enhance market confidence and ensure the security of stablecoins.
- New Oversight Body Established: The proposal includes the formation of a Virtual Asset Council, led by the Financial Services Commission chair and comprising the Bank of Korea deputy governor and the Vice Minister of Economy and Finance, aimed at swiftly addressing market risks and technical failures to improve regulatory efficiency.
- Bill Review Progress: The Digital Asset Task Force convened on January 28 at the National Assembly to review core aspects of the bill, including stablecoin regulations and supervisory mechanisms, ensuring final adjustments are made before submission ahead of the Lunar New Year.
- Ongoing Policy Coordination: The task force is closely collaborating with the Policy Committee and relevant government offices, still reviewing the role of the Bank of Korea and rules regarding major shareholders to ensure all details are properly addressed before the formal introduction of the bill.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
