South Korea lawmaker to propose digital asset bill on June 10

Min Byoung-dug, a lawmaker with the Democratic Party of Korea (DPK), plans to introduce the digital asset basic act on June 10, according to a document reviewed by CoinNess. The bill aims to establish a clear regulatory framework for South Korea’s digital asset industry. It proposes a presidential committee on digital assets, mandatory compliance rules for service providers and a licensing system for token issuers. It also bans unfair trading practices like market manipulation and sets requirements for stablecoin issuers, including approval from the Financial Services Commission (FSC) and a minimum capital of 500 million won (about $369,400). The bill further calls for the establishment of a legally recognized self-regulatory organization for the digital asset industry.