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South Korea’s Democratic Party advances Digital Asset Basic Act to regulate crypto
NFT Gaming

South Korea’s Democratic Party advances Digital Asset Basic Act to regulate crypto

by admin June 10, 2025



South Korea’s Democratic Party has formally proposed the Digital Asset Basic Act, introducing a stablecoin licensing regime and expanded oversight under President Lee Jae-myung’s administration.

During a June 10 press conference, lawmaker Min Byeong-deok announced the bill’s submission, calling it a foundational step toward comprehensive regulation of digital assets, including stablecoins, cryptocurrencies, and related service providers. 

Min said the legislation was designed to enhance transparency and investor protection while positioning South Korea as a global leader in the digital economy.

The Digital Asset Basic Act builds on the existing Virtual Asset Investor Protection Act, which came into effect in July 2024.

While the previous legislation focused primarily on safeguarding investors, the new proposal outlines a broader framework that defines digital assets, establishes new licensing and approval systems, and mandates oversight mechanisms under the Financial Services Commission.

A key feature of the bill is the licensing requirement for issuers of Korean won-backed stablecoins. 

Notably, issuers must maintain a minimum capital of ₩500 million (approximately $367,890) and obtain approval from the Financial Services Commission. 

Additionally, they must implement safeguards such as bankruptcy remoteness and reserve management to ensure user redemption rights even if the stablecoin issuer becomes insolvent.

Furthermore, the regulations lay the groundwork for regulating all digital asset issuances and trading activities. It includes provisions to establish a Digital Asset Committee under the President’s office to coordinate national digital asset policy.

Meanwhile, a separate entity dubbed the Digital Asset Industry Association would be tasked with monitoring market practices and evaluating the eligibility of tokens for exchange listings through dedicated subcommittees.

To address market misconduct, the bill grants the Financial Services Commission investigative authority and empowers it to impose penalties for unfair trading activities. It also introduces approval, registration, and reporting requirements for companies operating in the digital asset sector.

The introduction of the Digital Asset Basic Act comes just days after President Lee Jae-myung’s inauguration on June 4. Lee, who won the presidency with over 49% of the vote, had campaigned on a platform that included strong support for digital asset adoption and regulatory clarity.

His campaign proposals included legalizing spot crypto ETFs, expanding institutional access to digital assets, and enabling the nation’s pension fund to allocate capital into crypto markets.

Min Byeong-deok, who led the party’s digital asset committee during Lee’s campaign, has advocated for broader crypto regulation but has placed particular emphasis on the urgency of launching a domestic stablecoin framework to counter U.S. dollar-backed tokens like USDC and USDT.



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June 10, 2025 0 comments
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Crypto Trends

Why Democrat Zoltan Istvan Is Backing Basic Income, Home Robots in California Governor Bid

by admin June 5, 2025



In brief

  • California gubernatorial candidate Zoltan Istvan warns that AI and humanoid robots could eliminate 50% of jobs, calling it a looming “job apocalypse.”
  • To address the threat, Istvan proposes a universal basic income and providing every household with a humanoid robot.
  • Shifting from the Transhumanist to the Democratic Party, Istvan emphasizes the urgency of regulating AI and preparing society for its rapid advancement.

As artificial intelligence threatens to disrupt the American workforce, Zoltan Istvan, who’s running for the Democratic nomination for Governor in California, is betting on a radical solution: universal basic income and a humanoid robot in every home.

Istvan’s campaign comes as tech leaders warn that AI could eliminate up to 50% of entry-level jobs within the next five years. Istvan believes the threat is far broader, predicting that the rise of generative AI and humanoid robots imperils half of all jobs.

“That is what my campaign is about,” Istvan told Decrypt. “We’re saying 50% of all jobs at this point are at risk. You can see the infrastructure being built in China and the U.S. and around the world for these humanoid robots.”

Friends, today I’m officially announcing my campaign for California Governor for the Democratic Party. After years of watching inequality, homelessness, regulation, taxes, lawfare, and crime increase in my home state, I’ve decided to do something about it. But the far deeper… pic.twitter.com/hPfqNW6WBn

— Zoltan Istvan 🖖 (@zoltan_istvan) April 29, 2025

While AI has become widespread since the public launch of ChatGPT in 2022, Istvan called the stakes urgent, arguing that the public’s understanding of AI hasn’t kept pace with its rapid development.

“It’s like a BMW, what hits the market is what was developed 18 months ago,” he said. “Right now, they’re test-driving 2027 models, producing 2026 models, and selling us the 2025 versions. The same thing is happening in AI.”

Best known for his 2016 presidential bid under the Transhumanist banner, Istvan drove a coffin-shaped bus across the country to promote his platform of radically extending human life through advancements in biotechnology, artificial intelligence, and other technologies.

Though he still identifies with transhumanist ideals, Istvan said switching from the Transhumanist Party to the Democratic Party is a strategic move to stay competitive in a traditionally one-party state.

“In California, to run as anything other than a Democrat would just mean you’re not going to win,” Istvan said.

To confront what he calls a looming “job apocalypse,” due to a convergence of humanoid robots and AI, Istvan is promoting two primary policy goals: establishing a universal basic income and ensuring a humanoid robot in every California household.

“Implementing universal basic income must be a top priority,” he said. “Otherwise, people in the next year or two, as they start losing their jobs en masse, are going to be picking up the pitchforks and causing huge disruption to society.”

Istvan said he is less concerned with the method of funding UBI, with options including taxation, company shares, or a robot tax, and more concerned with the urgent implementation.

Greater ambitions

The second policy he proposed is even more ambitious, providing every California citizen with a humanoid robot.

“We want to provide or lease a humanoid robot to every household,” he said. “That way, people can spend less time on chores, driving, or cooking, and more time with family.”

Getting voters to accept the idea of a free robot may be easier said than done. In a recent survey of U.S. and U.K. respondents, 12% reported being polite out of fear of a future AI uprising.

Istvan acknowledged the cultural resistance to robots, fueled by decades of dystopian science fiction films like James Cameron’s “The Terminator” and Gareth Edwards’ “The Creator,” but believes the benefits will outweigh fears.

That said, Istvan expressed concern about unregulated progress toward artificial general intelligence and superintelligence, commonly referred to as the singularity. He compared the current trajectory to playing with a loaded gun.

“We can’t just launch superintelligence and hope that it turns out for the best,” he said. “Unlike nuclear weapons, which remain under human control, superintelligence could develop beyond our ability to contain it.”

To create meaningful guardrails for AI, Istvan believes international cooperation is necessary.

“This is not going to be China versus America anymore,” he said. “This is going to be the human race versus a potential AI that might not like us.”

As the AI revolution accelerates, Istvan hopes California can serve as a testing ground for policies that merge technology with humanity’s best interests—before it’s too late.

“If we could guarantee that AI is not going to come after us, I would absolutely say, let us go through with it,” he said. “We’d end up in a more utopic world. The standard of living will go up. People will live longer.”

Before his utopian vision can come to pass, however, Istvan will still need to get through a highly competitive, expensive, and often contentious California election season.

Among ten “likely candidates” in a statewide Emerson College poll in April, former Vice-President Kamala Harris led the pack with 30 percent of the vote (though 50% of people polled said she shouldn’t run). Istvan was not among the names polled.

Edited by Josh Quittner and Sebastian Sinclair

Generally Intelligent Newsletter

A weekly AI journey narrated by Gen, a generative AI model.





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June 5, 2025 0 comments
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The MagPod Is a Basic Smartphone Tripod I Can’t Live Without
Gaming Gear

The MagPod Is a Basic Smartphone Tripod I Can’t Live Without

by admin May 27, 2025



Photograph: Brenda Stolyar

The retractable legs are sturdy. With rubber grips on the bottom, they don’t slide across surfaces as you tap or scroll on the display, staying put even when I’m typing texts or emails. You can fold all three legs together and use them as a grip to take selfies or shoot video, and this also makes the whole thing more travel-friendly.

Space Saving

Between my laptop, external monitor, keyboard, mouse, notebooks, iPad, and coffee mug, I always struggle to find a comfortable spot for my phone. But the compact MagPod stand makes it easy to separate it from all the clutter and keep it at an ideal viewing angle. The same goes for my nightstands, which are also fairly small and constantly occupied by my Kindle, physical books, water bottle, and trinkets. The MagPod makes it easy to check my notifications while reading or watching TV before bed, and it also keeps me from constantly picking up my phone.

In between, I’ll place it on the counter near the stove while cooking dinner, on my coffee table while sitting on the couch, and in the bathroom while doing my makeup. I use it to stream YouTube videos, but it’s great for FaceTime calls, too. I used to rely on the Belkin Stand for this, but I prefer the MagPod’s slim base when moving it from room to room.

It’s affordable and a no-brainer—everyone should have a little MagPod stowed away in their home, yes, even people with Android phones; just make sure you have a MagSafe case. I might go ahead and buy a second one to keep in my bag or in a separate room, so I don’t have to constantly grab this one. Yes, I’m officially that emotionally attached to this stand.



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May 27, 2025 0 comments
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