South Korea Stablecoin Bill to Allow Companies to Issue the Tokens: Report
Summary
South Korea's newly elected president, Lee Jae-myung, announced plans for new stablecoin legislation through the Digital Asset Basic Act. This law would permit companies to issue stablecoins if they possess 500 million won in equity capital. Stablecoins are digital tokens linked to stable assets like the U.S. dollar. Lee Jae-myung, known for his crypto-friendly stance, previously experimented with NFTs and supports Bitcoin ETFs in South Korea. He also proposed a won-pegged stablecoin to prevent capital flight. The Bank of Korea is considering issuing deposit tokens on a public blockchain. Stablecoins remain a contentious issue globally, with ongoing regulatory debates and business interest.
