TechFlow news, on June 10, according to Jinshi Data, South Korea's newly elected president Lee Jae-myung is swiftly fulfilling his campaign promise to allow local companies to issue stablecoins, further advancing one of the world's most active digital asset markets. Lee has consistently voiced public support for stablecoin adoption. On Tuesday, Lee's ruling Democratic Party introduced the "Digital Asset Basic Act," aimed at enhancing transparency and fostering competition within the cryptocurrency industry.
Under the proposed legislation, South Korean companies with at least 500 million won (367,876 USD) in equity capital and sufficient reserves guaranteeing refundability would be permitted to issue stablecoins. South Korea already serves as a hotspot for cryptocurrency activity, with over one-third of its population—approximately 18 million people—participating in the digital asset market. At times, trading volumes on domestic cryptocurrency exchanges have even surpassed those of South Korea's KOSPI Composite Index and KOSDAQ.
