South Korea's Basic Law on Digital Assets is expected to be finalized in early January next year, proposing the establishment of a Presidential Digital Assets Committee.

Min Byung-deok, a lawmaker from South Korea's Democratic Party, stated that South Korea's Basic Law on Digital Assets will be finalized in early January next year, and efforts will be made to complete the legislation in order to establish a domestic regulatory framework for digital assets before the US stablecoin system is expected to be officially implemented on January 18 next year. Regarding the issuance of stablecoins in South Korea, Min Byung-deok opposes making a 50% + 1 shareholding requirement for banks a prerequisite for entry. He argues that issuers must meet requirements such as 100% reserve assets, immediate redemption, anti-money laundering (AML), and customer due diligence (KYC). Furthermore, he proposes postponing the taxation of digital assets by two years to 2029, allowing investment losses to be carried forward and deducted from future earnings over three years, and establishing a presidential digital asset committee. (Source: EToday)