South Korea proposes cryptocurrency law with bank-style rules for stablecoins
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South Korea's ruling Democratic Party has proposed a Digital Asset Basic Act to establish a comprehensive legal framework for digital assets. The bill would require authorization and strict standards for issuers of value-linked digital assets, including stablecoins tied to fiat currencies or real-world assets.
South Korea's ruling Democratic Party proposed a Digital Asset Basic Act to create a legal framework for digital assets. The bill would require authorization and strict standards for issuers of value-linked digital assets. Entities seeking to issue such assets must obtain approval and meet requirements. The legislation would introduce licensing, registration, and reporting requirements for digital asset businesses. The proposal aims to position Korea as a leader in digital finance. It comes amid stalled negotiations and new rules to combat fraud.
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