The Digital Asset Basic Act to Be Proposed Tomorrow... Capital Requirement for Stablecoin Issuers Lowered to ₩500 Million

Democratic Party of Korea lawmaker Min Byung-deok is set to propose the Digital Asset Basic Act as the main sponsor on the 10th.

According to Min Byung-deok’s office on the 9th (local time), the Digital Asset Basic Act—which complements the existing ‘Virtual Asset User Protection Act’—is scheduled to be proposed tomorrow. Through this, the plan is to build an innovative digital asset ecosystem to meet market demands and make the Republic of Korea a leading nation in digital finance.

The bill provides for the establishment of the Digital Assets Committee under the direct control of the president. The committee will formulate basic plans to foster the growth of the digital asset industry. It will also be responsible for reviewing and evaluating the government’s key policies and plans on digital assets.

Provisions related to the issuance of KRW stablecoins are also included. Stablecoin issuers must obtain approval from the Financial Services Commission, and their capital must be at least ₩500 million. This is a significant reduction from the previous ₩5 billion requirement. Furthermore, detailed reviews of the issuer’s business plan, workforce, and facilities will also be conducted. If any issues arise after approval has been granted, the FSC will have the authority to revoke the approval.

There are also provisions for designating the Korea Digital Asset Industry Association as a statutory organization. It is anticipated that this association will handle matters such as the listing, delisting, and maintenance reviews of coins going forward.