South Korea Races Ahead with Crypto Legislation, Aims for Market Leadership

In a bid to gain a competitive edge in the crypto market, South Korea is fast-tracking legislation for stablecoins and digital asset oversight. The Digital Asset Basic Act sets strict requirements for issuing stablecoins, requiring companies to hold at least 500 million won in equity and obtain regulatory approval. This move aims to reduce reliance on foreign currencies and promote the growth of stablecoin ecosystems tied to the Korean Won.