The ruling party in South Korea has proposed a draft of the "Digital Asset Basic Law," aiming to establish a comprehensive legal framework covering issuance, trading, custody, and regulation. The draft also plans to include "value-stabilized assets" such as stablecoins linked to fiat currency or real assets under regulatory oversight, requiring issuers to obtain licenses and fulfill reserve and redemption obligations, while meeting capital and operational capacity requirements. Additionally, the draft proposes licensing, registration, and reporting requirements for trading, brokerage, custody, and consulting services, strengthening information disclosure, internal controls, and market conduct standards. A Digital Asset Committee will be established to coordinate policy and regulation. (CoinDesk)