South Korea is gearing up to pass its first major crypto law. The ruling Democratic Party has finalized the “Digital Asset Basic Act” and plans to submit it before the Lunar New Year holiday.
The bill sets capital requirements for stablecoin issuers and splits crypto businesses into eight regulated categories.
The Democratic Party’s Digital Asset Task Force met at the National Assembly on Tuesday to lock in key details.
Rep. Ahn Do-geol, task force secretary, said in a press briefing, “We agreed to set the legal capital requirement for stablecoin issuers at least 5 billion won.”
That’s roughly $3.5 million, matching the current capital rules for electronic money businesses under South Korea’s Electronic Financial Transactions Act.
However, lawmakers indicated that final figures will be coordinated further with government authorities before the bill is formally submitted.
The law groups digital asset businesses into eight types, including wallet services. Two to three high-risk categories will need authorization from financial regulators. The rest only need to register.
TF Chairman Lee Jung-moon said, “We organized eight business categories considering the characteristics of the digital asset market, including wallet services, in addition to the five business types under the Capital Markets Act.”
A new government body called the “Virtual Asset Committee” will oversee crisis response. The Financial Services Commission chairman will lead it. Members include the Bank of Korea deputy governor and vice ministers from the finance and science ministries.
The committee will step in when hacks or system failures hit the market.
Not everything is settled. Lawmakers are still debating who can issue won-denominated stablecoins and whether to cap exchange ownership at 15-20% for major shareholders.
Rep. Ahn said the task force needs “one to two weeks to coordinate with the government” before submitting the final bill.
If passed, South Korea’s Digital Asset Basic Act could set the tone for how Asia regulates crypto in 2026.
It’s South Korea’s first comprehensive crypto law, setting rules for stablecoins, exchanges, wallets, and oversight to improve safety and market clarity.
The bill divides crypto firms into eight categories. High-risk activities need regulator approval, while lower-risk services only need registration.
It’s a new government body led by the FSC chair that coordinates crisis responses to hacks, outages, or major crypto market disruptions.
Lawmakers aim to submit the bill before Lunar New Year, with final coordination ongoing. If passed, it could shape Asia’s crypto rules in 2026.
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