South Korea’s ruling Democratic Party has introduced a landmark crypto bill to authorize domestic stablecoin issuance, delivering on President Lee Jae-myung’s campaign promise.
The Digital Asset Basic Act imposes strict financial requirements, including $368,000 in minimum capital and FSC oversight.
The legislation aims to balance innovation with consumer protection as stablecoin trading skyrockets—reaching 57 trillion won ($42 billion) in early 2024.
With a third of the population involved in crypto, South Korea is positioning itself as a key player in the global digital asset market.
