The ruling party in South Korea has submitted the Digital Asset Basic Act to the parliament, intending to allow companies to issue stablecoins

Foresight News reported that according to Bloomberg, the Democratic Party led by South Korean President Lee Jae myung has submitted the Digital Asset Basic Act bill to parliament. According to the bill, if a South Korean company has at least 500 million Korean won ($367876) in share capital, it can issue stablecoins while ensuring refunds through reserves. The bill also stipulates that digital assets linked to assets, including stablecoins, must obtain approval from the Financial Services Commission. According to Yonhap News Agency citing data from the Bank of Korea, the trading volume of USDT, USDC, and USDS on the five major exchanges in South Korea reached KRW 57 trillion in the first quarter.