South Korea proposes the Digital Asset Basic Law, with a minimum capital requirement of $3.5 million for stablecoin issuers According to Foresight News, the ruling Democratic Party of South Korea has confirmed that it will propose a draft of the Digital Asset Basic Law before the Spring Festival holiday, with the aim of bringing the virtual asset market under regulatory control. The bill proposes to stipulate that the legal capital requirement for stablecoin issuers is at least 5 billion Korean won, which refers to the capital requirements for electronic currency transactions under the current Electronic Financial Transactions Act. At the same time, a cross departmental negotiation body called the "Virtual Asset Consultative Conference" will be established to be responsible for market risk management, and the Chairman of the Financial Committee will serve as the head of the committee. The preliminary plan regarding the supervisory authority of Korean banks is to include it in the negotiation process. \At present, the Financial Commission and the Bank of Korea have a coordinated relationship in the policy decision-making process and plan to use this mechanism for decision-making. At the same time, in order to balance industrial development and investor protection, regulatory design will be more flexible, and the virtual asset industry will be divided into eight functional categories. High risk industries will require approval from financial authorities, while other industries only need to register to operate.