New South Korean Crypto Bill Proposes First Comprehensive Framework for Stablecoins
South Korea is advancing its regulatory approach to digital assets with a newly proposed stablecoin bill, signalling a deeper commitment to shaping a secure and competitive crypto environment.
On Tuesday, Democratic Party lawmaker Min Seok introduced the Digital Asset Basic Act, a comprehensive bill that outlines a formal licensing regime for stablecoin issuers.
Speaking at a press conference, Seok emphasized the bill’s alignment with the existing Virtual Asset Investor Protection Act, which took effect in July 2024 and focuses on safeguarding investors and digital asset holdings.
The proposed legislation goes further by creating a structured framework tailored to the evolving digital asset ecosystem.
A central provision requires stablecoin issuers to hold a minimum of 500 million Korean won (approximately $367,890) in owners’ equity.
This move is seen as a foundational step toward establishing transparency and accountability in the stablecoin sector.
Stablecoins can be issued in Korea now? ELI5 on the new bill 👇
South Korea's National Assembly has introduced the country’s first Basic Act on Digital Assets which includes provisions on stablecoin issuance.
This is a significant milestone as it marks the first comprehensive… pic.twitter.com/WVXc7els6z
— 100y.eth (@100y_eth) June 10, 2025
President Lee Myung, who campaigned on strengthening South Korea’s crypto sector, has pledged support for a domestic stablecoin market tied to the Korean won.
The goal is to curb capital flight through foreign-currency stablecoins while fostering homegrown innovation.
🇰🇷 South Korea is moving to legalize stablecoins with a new crypto bill!
Finance Chief Lee also vows to launch a Korean stablecoin and legalize crypto funds 🇰🇷💥
Big steps toward mass adoption! 🔥#Crypto #XRP #Bitcoin #Web3 pic.twitter.com/4FgFhzqym9
— 𝕏aif🇮🇳|🇺🇸 (@Xaif_Crypto) June 10, 2025
Given Min Seok’s role as head of the digital asset committee during Lee’s campaign, his push for this legislation reflects both political continuity and a strategic vision for South Korea’s place in the global digital economy.
South Korea Pushes Forward with Broader Rules for Digital Asset Industry
South Korea is accelerating its efforts to establish a comprehensive regulatory framework for digital assets, marking a pivotal shift in its financial strategy.
The country is moving swiftly to legislate on virtual assets and stablecoins, reflecting a broader commitment to aligning with international regulatory standards.
In early 2025, Kim Byoung-hwan, Chairman of the Financial Services Commission (FSC), announced plans to expedite the institutionalisation of cryptocurrencies.
This initiative underscores South Korea’s intent to enhance investor protection while supporting the responsible growth of the crypto market.
Kim Byoung-hwan’s translated statement reads:
“There has been concern about finding a balance between fostering (the virtual asset industry) and protecting investors. Currently, we are a little more interested in protecting investors.”
The ultimate objective is clear: to implement a full-scale regulatory framework that addresses the needs of service providers, crypto users, and the broader digital asset ecosystem.
