South Korea's new president fulfills campaign promise and gives green light to stablecoin issuance

Odaily Planet Daily News South Korea's new president Lee Jae-myung is quickly fulfilling his campaign promise to allow local companies to issue stablecoins, further boosting one of the world's most active digital asset markets. Lee Jae-myung has been publicly supportive of the adoption of stablecoins. On Tuesday, Lee Jae-myung's ruling Democratic Party proposed the Basic Law on Digital Assets, which aims to increase transparency and encourage competition in the cryptocurrency industry. Under the bill, South Korean companies can issue stablecoins if they have at least 500 million won ($367,876) in equity while ensuring guaranteed refunds through reserves. South Korea is already a hothouse for cryptocurrency activity, with more than a third of the population (about 18 million people) participating in the digital asset market. At times, trading volumes on domestic cryptocurrency exchanges even exceed those of the South Korean Kospi and KOSDAQ indices. Stablecoins are cryptocurrencies pegged to another asset, usually the U.S. dollar. (Jinshi)