South Korea Aims to Regulate Stablecoin Issuance with Won-Backed Market

President Lee Jae-myung of South Korea has proposed a bill aimed at regulating stablecoin issuance, seeking to bolster the local crypto market and prevent capital flight. The Democratic Party is driving this initiative, aiming to establish a regulated won-backed stablecoin market overseen by the Financial Services Commission. This move emphasizes transparency and competitiveness while potentially boosting investment in domestic cryptocurrency markets.