South Korea Paves Way for Stablecoin Issuance with New Legislation

South Korea has taken a significant step towards bolstering its crypto industry by proposing legislation to allow firms to issue stablecoins. This move, spearheaded by President Lee Jae-myung, is aimed at fostering growth within the country’s vibrant cryptocurrency market while ensuring compliance and innovation in blockchain technology. `,President Lee’s proposal introduces stringent regulations for stablecoin issuance. Firms seeking to launch these digital assets will be required to maintain a minimum equity capital of 500 million won, implement a 1:1 reserve model, and undergo rigorous approval processes overseen by the Financial Services Commission (FSC).