South Korea’s Digital Asset Basic Act Set for Final Draft in Early January, Proposes Presidential Committee

South Korea’s Digital Asset Basic Act is expected to be finalized in early January next year, with lawmakers seeking to complete legislation before U.S. stablecoin rules are expected to take effect on January 18 next year. According to Odaily, Democratic Party lawmaker Min Byung-deok said discussion of key issues could begin as early as next week, with industry participants and experts expected to take part over the following two months. He opposed requiring banks to hold 50% plus one share of a stablecoin issuer, and instead backed rules focused on issuer conduct and safety, including 100% reserve assets, immediate redemption, anti-money laundering measures and customer identity checks. The proposals also include delaying digital asset taxation by two years, to 2029, allowing investment losses to offset gains over the following three years, and establishing a digital asset committee directly under the president to coordinate industry policy.