South Korea Advances Stablecoin Legislation Under New Crypto-Friendly President

South Korea''s newly elected president Lee Jae-myung is pushing forward with the Digital Asset Basic Act, a landmark bill that WOULD authorize companies to issue stablecoins. The legislation requires issuers to maintain at least 500 million won ($366,749) in equity capital—a move that could reshape the country''s digital asset landscape.

The proposal comes as South Korea seeks to position itself as a crypto-forward economy. Lee, who championed NFT integration during his 2022 campaign, has previously advocated for Bitcoin ETF approvals and now proposes a won-pegged stablecoin to curb capital flight. "We urgently need to prevent national wealth from leaking overseas," the president emphasized during recent policy discussions.

This regulatory development coincides with the Bank of Korea''s exploration of public blockchain-based deposit tokens. Market observers note the legislation could accelerate institutional crypto adoption while establishing guardrails for stablecoin issuance—particularly for assets pegged to the U.S. dollar or other stable reserves.