South Korea Plans to Allow Stablecoin Issuance

The newly elected President of South Korea, Lee Jae-myung, has unveiled a legislative framework that would authorize domestic companies to issue stablecoins under specific conditions. This move follows his election victory and positions him to advance digital finance within the country. 500 million won (around $367,876 USD) worth of equity capital will be required for these issuers, alongside provisions for substantial reserves to ensure customer funds are secure and refunds are readily available. This regulatory framework aligns with a growing trend in South Korea’s crypto market, which is already one of the most active globally.