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South Korea is moving quickly to reshape its crypto market under new leadership. President Lee Jae-myung’s administration is pushing ahead with plans to legalize domestic stablecoins, following through on campaign promises made during his recent election run.
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The ruling Democratic Party in South Korea has introduced a new bill titled the Digital Asset Basic Act. The proposal aims to improve transparency and stimulate healthy competition across the digital asset sector. It is also designed to lay the foundation for domestic companies to issue their own stablecoins under strict conditions.
According to Bloomberg, the proposed law requires stablecoin issuers to hold at least 500 million won (roughly $368,000) in equity capital. Companies must also maintain reserves to guarantee full refunds and obtain approval from the Financial Services Commission, the country’s financial regulator.
President Lee Jae-myung, who was sworn in after a snap election win on June 3, is looking to build momentum behind his crypto policy agenda. His administration sees stablecoins as a practical tool for expanding South Korea’s digital economy. The timing could not be more favorable, as Bank of Korea data shows that $42 billion worth of stablecoins changed hands on major domestic exchanges in the first quarter alone.
The new legislation could accelerate that trend, potentially reinforcing South Korea’s position as one of Asia’s most active crypto markets. Around 18 million people—more than one-third of the population—are already participating in crypto trading.
Along with stablecoin reforms, Lee has also shown support for allowing the national pension fund to invest in Bitcoin and other crypto assets. He has also signaled interest in permitting the launch of Bitcoin ETFs in the country, further suggesting that digital assets will play a central role in his administration’s financial strategy.