President Lee Jae-myung has introduced legislation that would enable domestic companies to issue stablecoins in South Korea, aiming to bolster the nation’s digital asset market. The bill seeks to address concerns about capital outflow and enhance market confidence in cryptocurrency. 🇰🇷
The proposed Digital Asset Basic Act will empower qualified businesses to issue stablecoins under strict oversight from the Financial Services Commission (FSC). These firms must maintain adequate financial reserves and undergo FSC approval before issuing stablecoins. This move follows a trend observed in regions like the EU and Japan, where regulatory clarity has spurred increased engagement in digital assets. The bill’s passage could lead to a surge in stablecoin issuance and associated blockchain projects within South Korea.