South Korea’s Ruling Party Unveils Proposal for Stablecoin Regulation

South Korea’s ruling party has proposed legislation aiming to allow for the issuance of stablecoins in the nation. The Digital Asset Basic Act, currently under consideration, would permit South Korean companies holding assets exceeding $368,000 to create and issue their own stablecoins. This legislative effort seeks to establish a regulatory framework that fosters both stability and growth within the country’s rapidly evolving digital asset market.