365Crypto
South Korea is making big moves to legalize stablecoins. President Lee Jae-myung and his party want to boost the crypto market by allowing local companies to issue stablecoins.
The new bill, called the Digital Asset Basic Act, sets clear rules. Companies must have at least 500 million won ($368,000) in capital, keep reserves for refunds, and get approval from financial regulators.
Stablecoin trading is already huge in South Korea. In the first quarter, trades hit 57 trillion won ($42 billion). About 18 million people are involved in crypto here.
President Lee also supports crypto funds and wants the national pension to invest in Bitcoin. But the Bank of Korea warns that stablecoins outside banks could hurt monetary policy. They want to lead regulation.
Crypto stocks like KakaoPay surged 45% recently, but experts say the rally might not last until clear benefits show up.
