South Korea's Democratic Party Proposes Stablecoin Issuer Capital Requirement

South Korea's Democratic Party is set to propose legislation mandating stablecoin issuers to hold a minimum capital of 5 billion won, equivalent to $3.6 million. According to NS3.AI, this initiative is part of the broader Digital Asset Basic Act, which is anticipated to be introduced before the Lunar New Year holiday. Discussions within the party continue regarding other regulatory aspects, such as the Bank of Korea's authority and restrictions on major shareholders.