South Korea's Democratic Party has finalized the name of its virtual asset market legislation as the 'Digital Asset Basic Act,' with plans to submit it for review before the Lunar New Year. The proposed law mandates a minimum statutory capital of 50 billion won (approximately $3.5 million) for stablecoin issuers. Additionally, a new 'Virtual Asset Committee' will be established, chaired by the Financial Services Commission's chairman, with members including the Bank of Korea's deputy governor and the vice minister of the Ministry of Economy and Finance. The committee aims to implement rapid response mechanisms for hacking incidents and system failures.