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South Korea’s New President Moves To Legalize Stablecoins Through Crypto Bill

  • South Korea's newly elected President, Lee Jae-myung, has proposed the Digital Asset Basic Act allowing local companies to issue stablecoins.
  • The new bill requires stablecoin issuers to obtain approval from the Financial Services Commission and meet specified eligibility criteria.
  • Increased retail crypto participation in South Korea has led to the implementation of stricter regulations to ensure transparency and security in the cryptocurrency ecosystem.
  • The country's Democratic Party has initiated a Digital Asset Committee to develop crypto policies and support industry growth.

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