South Korea Gets New Crypto Regulation Framework Backed by President Lee
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The post South Korea Gets New Crypto Regulation Framework Backed by President Lee appeared first on Coinpedia Fintech News A game-changing crypto bill has been introduced in South Korea, and it could open the doors to a government-backed stablecoin market, one that favors local innovation and tighter security for users. Korean Stablecoins May Soon Go Mainstream The proposed Digital Asset Basic Act, introduced by ruling party lawmaker Min Byeong-deok, lays out a licensing system for stablecoin issuers. To qualify, projects must hold at least 500 million Korean won in capital (around $367,890). While that sounds steep, it could mark the beginning of a regulated and scalable stablecoin ecosystem fully backed by the Korean won, something President Lee Jae-myung has strongly supported. For crypto users, this means South Korean won-based stablecoins could soon become a legitimate alternative to USDT and USDC, especially for on-chain activity without forex risk or capital flight issues. Stronger Legal Ground for Crypto Innovation This bill isn’t just about stablecoins. It proposes a legal definition for all digital assets and introduces a presidentially overseen Digital Asset Committee. That’s a big shift toward a mature and clearly regulated market, a huge plus for developers, DeFi protocols, and exchanges operating in Korea or looking to enter the market. If passed, the law could also crack down on insider trading, pump-and-dump schemes, and rug pulls, offering users more confidence and transparency. South Korea Taking Notes from the Best Min says the bill was inspired by frameworks already in place in the U.S., EU, Japan, and Hong Kong, especially Hong Kong’s licensing requirements for stablecoin issuers. With the U.S. pushing the Genius Act and other nations moving fast, South Korea clearly doesn’t want to be left behind. Kaia Enters Stablecoin Race as South Korea Bets Big on Crypto In parallel news,…
Filed under: News - @ June 10, 2025 6:21 am