South Korea introduces a bill legalizing stablecoin issuance by local firms, a major step in crypto regulation.
The Digital Asset Basic Act allows stablecoin issuance for firms meeting a minimum capital of 500M won & ensuring full reserves.
Crypto-linked stocks, like KakaoPay Corp, rally as investors anticipate a government-backed won-based stablecoin.
The bill creates a Digital Asset Committee and requires issuers to seek approval, register, and report to the Financial Services Commission.
South Korea joins Hong Kong and the U.S. in regulating stablecoins, amid global adoption of digital asset innovation.