The National Assembly of South Korea has introduced a new stablecoin regulation bill aimed at developing won-based stablecoins and boosting financial stability.
Objectives of the New Bill
The bill, introduced by the ruling Democratic Party, reflects a response to the dominance of dollar stablecoins. It aims to establish a framework that promotes the development of won-based stablecoins, aligning with President Lee's commitment to enhance economic sovereignty.
Requirements for Stablecoin Issuers
Under the proposed legislation, stablecoin issuers are required to maintain at least 5 billion won in capital to operate legally. This requirement is expected to foster financial stability and security.
Impact on the Financial Sector and Economy
The new bill is expected to have a significant impact on South Korea's tech and financial sectors. It emphasizes the need for consumer protection and transparency in the operation of stablecoins.
The introduction of stablecoin regulation in South Korea may significantly reshape the country's position in the global digital currency ecosystem and promote better asset management practices.
