According to this law, Stablecoins will need approval of the Financial Services Commission.
The Central Bank of the country has presented some objections.
The newly assumed president of South Korea, Lee Jae-Myung, has taken concrete measures to encourage national companies to emit their own Stablecoins.
Under Lee’s leadership, the ruling party has presented the “Digital Asset Basic Act”, a bill designed to increase transparency and promote competition in the cryptocurrency sector. The proposal establishes that companies will be able to broad (approximately USD 368,000, based on trainingView data) and ensure reimbursement through reservations.
However, the initiative has found resistance from the Bank of Korea (Bok). His governor, Rhee Chang-Yong, expressed concern about the impact that Stablcoins issued by non-banking entities could have on the country’s monetary policy. Consequently, Rhee proposed that the Central Bank be the one who leads the regulation of a stablecoin linked to the Korean won.
The stable, cryptactive currencies whose value is usually anchored to the US dollar, are experiencing a significant global boom, driven by the progressive appearance of regulatory frameworks. In the United States, the Senate is close to voting a key legislation on Stablecoins, known as the genius law.
The interest in the Stablcoins is not only local, but also global. As Cryptonotics reported, great banks like Deutsche Bank are now exploring their broadcast.
According to information of international media, the trade of Stablecoins such as USDT, USDC and USDS is experiencing strong growth in South Korea. During the first quarter of the year, the transactions of these cryptocurrencies into five local platforms reached the significant figure of 57 billion wones (approximately 41.78 billion USD, starting from TrainingView data).
The rise of cryptoactive in South Korea is generating an impact that goes beyond the financial sector, even reaching the entertainment industry. A clear example of this is the recent incursion of K Wave Average (KWM), a South Korean company quoted in the Nasdaq and recognized for its influence on the K-Pop, in the digital asset ecosystem.
Thus, KWM revealed an ambitious financing plan of 500 million dollars, with the purpose of diversifying its economy. While the initiative focuses on Bitcoin (BTC) as a reserve asset, inspired by successful models such as Metaplanet in Japan, its importance could sit an important precedent for companies in the cultural field to consider the issuance of Stablecoins in the future, aligning with the minimum capital requirements established by the new law, in case it is finally approved.
