PANews reported on January 28 that, according to South Korean media, the ruling Democratic Party of Korea has finalized the name of its bill aimed at regulating the virtual asset market as the "Digital Asset Basic Law" and plans to submit it before the New Year holiday (Korean Lunar New Year). They have also agreed to set the minimum legal capital requirement for stablecoin issuers at 5 billion won (approximately US$3.5 million). However, sensitive issues such as the scope of authority of the Bank of Korea and restrictions on major shareholder holdings will be finalized after further coordination with the policy committee.