South Korean ruling party bill to set $3.6M capital floor for stablecoin issuers

South Korea's ruling Democratic Party has reached a consensus to require stablecoin issuers to hold at least 5 billion won ($3.6 million) in capital under a comprehensive crypto bill tentatively titled the Digital Asset Basic Act, the Maeil Business Newspaper reported. The party plans to formally introduce the legislation before the Lunar New Year holiday. However, more sensitive issues, such as the scope of the Bank of Korea's authority and restrictions on major shareholder stakes, will be finalized after further coordination within the party's policy committee.