South Korea's new president fulfills campaign promise, gives green light to stablecoin issuance

Odaily Planet Daily News: South Korean President Lee Jae myung is quickly fulfilling his campaign promise to allow local companies to issue stablecoins, further promoting one of the world's most active digital asset markets. Li Zaiming has always publicly supported the adoption of stablecoins. On Tuesday, Li Zaiming's ruling party, the Democratic Party, proposed the Digital Asset Basic Law, aimed at increasing transparency and encouraging competition in the cryptocurrency industry. According to the bill, if a South Korean company has a share capital of at least 500 million Korean won ($367876) and ensures refunds are guaranteed through reserves, it can issue stablecoins. South Korea has become a greenhouse for cryptocurrency activities, with over one-third of the population (approximately 18 million people) participating in the digital asset market. Sometimes, the trading volume of domestic cryptocurrency exchanges even exceeds the Seoul Composite Index and the Korea Growth Enterprise Market Index (KOSDAQ). Stablecoins are cryptocurrencies pegged to another asset, typically the US dollar. (Golden Ten)