South Korean President Lee Jae-myung is pushing for legislation that would allow firms to issue stablecoins, aiming to prevent potential national wealth leakage while fostering digital currency growth. The proposed bill, a significant move in South Korea’s stance on cryptocurrencies, comes after the president took office and advocates for robust digital asset integration. 500 million won of equity capital is required for issuers under this regulation, alongside oversight from the Financial Services Commission (FSC). This legislation may bolster South Korea’s position as a global leader in the cryptocurrency market by increasing local stablecoin issuance, promoting trust among investors, and attracting institutional involvement through platforms supporting new won-pegged stablecoins. The potential impact on financial sectors could include enhanced regulatory clarity, fostering legitimate stablecoin use, and possibly boosting activity within decentralized finance (DeFi) due to the supportive regulatory environment.