South Korea's Digital Asset Basic Act is set to be finalized in early January next year, with a proposal to establish a Presidential Digital Asset Committee

Odaily reports: Min Byung-deok, a member of South Korea's Democratic Party, stated that the country's Digital Asset Basic Act will be finalized in early January next year, with efforts to complete legislation before the U.S. stablecoin-related regulations are expected to officially take effect on January 18 next year, in order to establish a domestic digital asset regulatory framework.

Min Byung-deok noted that the core issues of the relevant bill are expected to enter concentrated discussion as early as next week, and the industry and experts will need to actively participate over the next two months. Regarding the issuers of won-denominated stablecoins, he opposed the requirement of banks holding 50% plus one share as a issuance access condition, and advocated for a regulatory model centered on actual conduct and safety requirements, meaning issuers must meet requirements such as 100% reserve assets, instant redemption, anti-money laundering (AML), and customer identity verification (KYC). In addition, he proposed further postponing digital asset taxation by two years to 2029, allowing investment losses to be carried forward to offset gains over the next three years, and establishing a Presidential Digital Asset Committee to coordinate digital asset industry policy. (EToday)