South Korea Proposes Digital Asset Law to Regulate Stablecoins and Crypto

South Korea's ruling Democratic Party proposed a Digital Asset Basic Act.

“South Korea proposes cryptocurrency law with bank-style rules for stablecoins Draft bill outlines comprehensive framework for digital assets, including licensing, issuance and oversight What to know: - South Korea’s ruling Democratic Party has proposed a Digital Asset Basic Act that would create a comprehensive legal framework for issuing, trading, holding and supervising digital assets”

@coindesk

The bill would require strict reserve, capital and operational standards for issuers of value-linked digital assets.

@coindesk

The proposal seeks to position Korea as a leader in digital finance.

The bill comes amid stalled negotiations over who should issue won-pegged stablecoins.

The Bank of Korea insisted banks with 51% ownership should be the only ones authorized.

Blockonomi

The legislation would introduce licensing, registration and reporting requirements for digital asset businesses.

The Bank of Korea and Banque de France are collaborating on a seminar.

“South Korea proposes cryptocurrency law with bank-style rules for stablecoins Draft bill outlines comprehensive framework for digital assets, including licensing, issuance and oversight What to know: - South Korea’s ruling Democratic Party has proposed a Digital Asset Basic Act that would create a comprehensive legal framework for issuing, trading, holding and supervising digital assets”

CoinDesk

Legal challenges have delayed the passage of the Digital Asset Basic Act.

South Korean financial institutions are partnering with foreign firms to provide stablecoin payment systems to visitors.

Circle CEO Jeremy Allaire plans meetings with major banks and exchanges.

Trading in USD Coin continues to soar in South Korea.

Cryptonews.net

Kookmin and Circle have completed proof of concept tests using Circle Mint.