Newly elected South Korean president Lee Jae-myung is actively advancing his campaign pledge to legalize stablecoins, aiming to stimulate the domestic crypto market. His party’s proposed Digital Asset Basic Act establishes a framework for issuing local stablecoins with minimum capital requirements and regulatory oversight. The bill permits local companies to issue these digital assets with a guaranteed refund system and approval from the Financial Services Commission. South Korea’s stablecoin trading has surged, reaching 57 trillion won ($42 billion) in transactions on domestic exchanges during the first quarter, according to Bank of Korea data. This legislation is expected to bolster this market activity and potentially increase participation by over 18 million people in the country.