The Korean government is taking steps to establish a comprehensive digital asset regulatory framework. The 'Digital Asset Basic Law', which receives full support from President Lee Jae-myung, is being promoted, signaling a green light for activating won-based stablecoins and nurturing the domestic cryptocurrency ecosystem.
The bill, proposed by Democratic Party member Min Byung-deok, codifies *strict qualification requirements* for stablecoin issuers. Issuers must secure a minimum capital of 500 million won and obtain a license from financial authorities, and the issued tokens must be 100% collateralized by the won. This is noteworthy as it can expand won payment and DeFi accessibility for domestic investors without asset transfer risks, previously dependent on Tether (USDT) and USD Coin (USDC).
Moreover, the bill is not limited to stablecoins. It includes legal definitions for major digital assets and establishes a presidential-level 'Digital Asset Committee'. This committee is expected to play a key role in creating an institutional environment that allows cryptocurrency startups, DeFi projects, and exchanges to enter the industry with confidence.
If the bill passes, strong crackdowns on insider trading, market manipulation, and unfair trading practices like rug pulls will be possible. Industry officials expect this to enhance investor protection and competitiveness in global competition.
Min Byung-deok revealed that the bill was designed by referencing stablecoin regulations like the US Genius Act, the EU's MiCA, and regulations in Japan and Hong Kong. This demonstrates Korea's intention to keep pace with global cryptocurrency regulatory trends.
Meanwhile, Kakao's blockchain platform 'Kaia' recently officially announced the issuance of a won-linked stablecoin. This aligns with the president's digital asset policy, with expectations of a popularization strategy linked to subsidiaries like KakaoPay. Following the announcement, KakaoPay and competitor Danal's stock prices simultaneously surged, reflecting market expectations.
According to a survey, over half of domestic cryptocurrency investors intend to increase their asset allocation. With clearer regulations and major tech companies supporting stablecoins, Korea is preparing to leap forward as a global DeFi hub.
This regulatory framework, driven by President Lee Jae-myung's strong will, is being evaluated not just as a legislative bill, but as a *symbol of policy transformation* to bring the domestic blockchain industry into the institutional realm.
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