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South Korea Advances Won-Based Stablecoin Legislation Amid Dollar Dominance Concerns
South Korea Advances Won-Based Stablecoin Legislation Amid Dollar Dominance Concerns
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BTCCSquare news:
South Korea's ruling Democratic Party is spearheading legislation to authorize won-denominated stablecoins, countering fears of currency marginalization in the global digital finance arena. Lawmaker Min Byung-deok has proposed three bills enabling non-financial firms to issue these stablecoins outside the Bank of Korea's purview, alongside frameworks for security token offerings and crypto-backed ETFs.
The initiative, a key priority for President Lee Jae-myung, leverages blockchain expertise from policy aide Kim Yong-beom, former head of Hashed Open Research. "The STO bill will first go through the standing committee next month," Min confirmed during a party seminar, signaling accelerated regulatory progress.
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