South Korea Sets Rules for Stablecoin Issuance in New Crypto Bill
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South Korean companies may soon issue government-approved stablecoins under a new regulatory framework proposed this week.
The Digital Asset Basic Act, backed by President Lee Jae-myung’s administration, requires stablecoin issuers to hold 500 million won ($368,000) in equity and maintain sufficient reserves for refunds.
The bill, intended to boost transparency and competition, comes as stablecoin trading volumes soar.
Data from the Bank of Korea shows $42 billion in stablecoin trades in Q1 2024 alone. With 18 million crypto users, South Korea’s latest legislation could further energize its digital asset economy.
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