South Korea’s New Crypto Regulation: A Stablecoin Boom on the Horizon

South Korea is taking a significant step forward in its cryptocurrency regulations with the introduction of a comprehensive new bill aimed at creating a secure and robust ecosystem for digital assets. The Digital Asset Basic Act, spearheaded by ruling party lawmaker Min Byeong-deok, introduces a licensing system for stablecoin issuers, requiring projects to demonstrate financial stability with at least $367,890 in capital reserves. This move is backed by President Lee Jae-myung who has openly supported the development of a government-backed stablecoin market within the country.