South Korea Paves the Way for Stablecoin Regulation with Landmark Bill

South Korea has taken a significant step towards regulating the rapidly growing stablecoin market, proposing a groundbreaking legislation that aims to ensure consumer protection while fostering innovation. The bill, introduced by lawmaker Kim Hyun-jung of the ruling Democratic Party, proposes a comprehensive framework for managing value-stabilized digital assets, setting a precedent for the global approach to digital asset regulation. The proposed measures include: mandatory capital requirements, clear business plans from issuers, stringent staffing and infrastructure standards, and foreign stablecoin registration before distribution within the country.