Kakao’s Blockchain Pledges Stablecoin and Its Payments App Pumps 30%
Kaia plans to launch a South Korean won-based stablecoin following the inauguration of President Lee Jae-myung, who supports crypto-friendly policies. Legal challenges exist due to the Bank of Korea's exclusive authority over currency issuance. However, Lee's Democratic Party is inclined towards private-sector innovation, with Lawmaker Min Byoung-dug advocating for private-issued stablecoins and proposing the Digital Asset Basic Act for the crypto industry. The market reacted positively, with nearly 60% of surveyed investors intending to increase crypto holdings under Lee's leadership. Stocks of payment firms Kakao Pay and Danal surged by 29.9%. The appointment of Kim Yong-beom as chief policy officer suggests swift regulatory advancements for stablecoins. Lee's ongoing criminal trials have been postponed, allowing his administration to focus on its crypto agenda.
