South Korea Proposes Stablecoin Licensing Under New Crypto Law

Ruling party lawmaker Min Byeong-deok announced the Digital Asset Basic Act during a press conference, framing it as a roadmap for crypto innovation.

He said the legislation would help South Korea lead in the digital economy and build trust in blockchain markets.

New Requirements Target Stablecoin Issuers

The bill introduces a licensing system for stablecoin issuers. It mandates a minimum capital of 500 million won ($367,890) for license eligibility.

This aligns with President Lee Jae-myung’s campaign promise to develop a Korean won-backed stablecoin industry. The move aims to limit capital outflows through foreign-denominated stablecoins.

Min, who led Lee’s digital asset committee during the election, emphasized the national importance of sovereign stablecoin infrastructure.

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A Step Beyond Investor Protection Law

This proposal expands on the Virtual Asset Investor Protection Act, which took effect in July 2024. That law prioritized investor safety.

Now, the new bill seeks to define rules for digital asset operations, focusing on long-term market infrastructure and institutional clarity.

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