While some countries are slowly sorting out crypto regulation, South Korea is approaching the issue radically. The other day, Deputy Min Byung-deok presented the "Basic Law on Digital Assets" - a document that should transform the Korean crypto market from a chaotic and unpredictable place into a clearly organized and controlled system.

The main focus of the new regulation is on stablecoins. Now, to issue them, you need not only a license, but also an impressive authorized capital - at least 500 million won (approximately 367 thousand dollars). This is not a simple formality, but a promise by newly elected President Lee Jae-myung to approve and promote a stablecoin market based on the Korean won. In this way, the authorities want to prevent capital outflow abroad through USDT and other foreign tokens.

The draft law also calls for the creation of a special committee on digital assets, which will report directly to the president. Such a high level of control underlines how seriously the Korean government takes this issue. In addition, the document provides a clear definition of digital assets and spells out penalties for market fraud.

Experts say that South Korea is purposefully striving to make Seoul one of the world's key centers of the digital economy. The new law is not just restrictions, but a carefully designed system that should provide good conditions for the development of the crypto industry, while maintaining state control.

However, this idea has its opponents. Some analysts fear that strict rules can slow down the development of the local crypto market and force some companies to move their business to countries with more lenient legislation.

However, the Korean authorities seem confident that their approach will pay off in the future by creating a sustainable and transparent digital asset system.