At a press conference, Min described the bill as a step toward positioning South Korea as a global leader in the digital economy. A key feature of the legislation is the implementation of a licensing system for stablecoin issuers.
The stablecoin licensing provision appears to support the administration’s broader policy agenda under President Lee Jae-myung, who previously committed to enabling a domestic stablecoin market.
Min, who led the digital asset committee during President Lee’s election campaign, indicated that the measure aims to curb capital flight through foreign-currency-based stablecoins and support a robust local digital financial system.
The legislative push follows similar developments in other jurisdictions. In the United States, the Genius Act, which addresses stablecoin regulation, is gaining traction with support from President Donald Trump. Meanwhile, Hong Kong recently enacted its own licensing framework for stablecoin issuers.
Beyond stablecoins, the Digital Asset Basic Act seeks to provide legal clarity on digital asset classifications and the responsibilities of service providers operating within the ecosystem.
The bill includes provisions for the creation of a Digital Asset Committee to be directly overseen by the Office of the President, emphasizing a centralized oversight mechanism.
The bill also includes measures to standardize compliance procedures for exchanges and custodians operating in the country. If enacted, the Digital Asset Basic Act would mark a significant step in the evolution of South Korea’s crypto regulatory space.
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