KRW 5 billion, 100%, 15% to 20%, and 10%. Each of the four figures governs a separate area: issuance thresholds, reserves, exchange shareholdings, and penalties. They are scattered across different sections of the draft Digital Asset Basic Act, so readers have to piece together which provisions go together. $XAU For stablecoin issuers, the minimum paid-in capital is KRW 5 billion, equivalent to about $3.5 million. Reserves must be at least 100%, held in bank deposits or government bonds and kept off the issuer’s own balance sheet. Holders can redeem at face value, and interest payments are prohibited under any pretext. ‍$CL The sticking point is who qualifies to issue. The Bank of Korea insists that banks take the lead initially, with banks holding more than 50% plus one share in any issuing consortium, citing the need to safeguard monetary policy, foreign exchange management, and prevent misuse. The Financial Services Commission worries that overly strict thresholds could shut out innovation. A compromise proposal is circulating: several banks form a consortium to retain a majority stake, while fintech companies hold 34% and control management. Others argue the licensing criteria should focus on risk management, not who the shareholders are. $SOL Exchanges face a separate yardstick. Major shareholders’ stakes are proposed to be capped at 15% to 20%, referencing the 15% limit for alternative trading systems under the Capital Markets Act. The shift from a reporting system to a licensing system changes their status, so governance structures would change too. A 1-to-2-year grace period is proposed, with no penalties for divestments made in accordance with the rules during that time. Others argue the limit should apply only to voting rights, saying forced share sales raise constitutional concerns. Neither the cap nor the transition period has been put on paper yet. Security provisions, by contrast, have already been set in stone. Operators would be liable for damages regardless of fault in the event of a hack or computer incident, with penalties set at 10% of revenue. At least 80% of customer assets must be held in cold wallets, though the industry is already above 95%. Of 28 registered service providers, only 5 are members of the Financial Security Institute, and inspection standards will not be updated until year-end. Operators are classified into 8 risk categories: high-risk operators require full authorization, while the rest undergo simplified registration. They receive permanent authorization, with no annual renewal required. Which provisions make it into the final text will depend on negotiations clause by clause. Personal opinion, not investment advice; gains and losses are your own responsibility. South Korea’s Digital Asset Basic Act is expected to be finalized in early January

SOL | Short 🔴 | Bearish | 15m 24h: -4.97% | Volume: 1981.4M USDT. Reasons to short: Price below EMA200; EMA20/50/200 in bearish alignment; RSI14 at 31.4; MACD histogram negative; ADX14 at 35.9; volume at 1.26 times the 20-candle average; trend pullback/continuation. Entry: 77.35 Stop-loss: 78.5534 Take-profit 1: 75.8457 | Take-profit 2: 74.9431 | Take-profit 3: 73.7397 Entry price is for reference only; do not chase price. This strategy is invalidated if the stop-loss level is reached. Technical analysis only; not financial advice. $SOL

I. The unlock schedule is fixed, so this is not an unexpected event. Three Pump.fun team or early investor wallets transferred 1.46B $PUMP to Coinbase Prime this month, worth about $5.01 million. These three addresses were allocated a total of 70 billion tokens, which have unlocked monthly since July. They also transferred about 1.46B tokens last month. II. Valuation down 30%, selling pressure unchanged. The same batch of tokens was worth $7.58 million last month, versus $5.01 million this time, a decrease of $2.57 million. The quantity is unchanged and the value is lower, showing that the selling activity remains the same, just at a lower unit price. III. The recipient is Coinbase Prime, not the spot order book. The entire batch is going through custody and OTC channels, so it won't directly hit the order book in the short term, but the tokens are waiting off-market to be absorbed. Funding conditions in the $SOL ecosystem will also be affected, and without fresh capital from $BTC , it will be harder to absorb. Watch: PUMP-USDT, SOL-USDT, BTC-USDT, ETH-USDT