#SouthKoreaCryptoPolicy
South Korea's crypto landscape is undergoing a significant transformation under President Lee Jae-myung, a pro-crypto leader with a background as a factory worker and human rights lawyer. His administration promises to bolster the industry with key initiatives:
👉Spot Bitcoin ETFs: Lee Jae-myung supports allowing spot Bitcoin exchange-traded funds (ETFs) in South Korea, providing investors with a regulated way to invest in cryptocurrencies and potentially opening the floodgates for big money.
👉 Pension Funds in Crypto: The President-elect aims to permit the National Pension Service, one of the world's largest pension funds with $884 billion in assets, to invest in Bitcoin and other digital assets, potentially affirming and normalizing cryptocurrency in the country.
👉 Won-Backed Stablecoin: Lee plans to introduce a Korean won-backed stablecoin to prevent national wealth from leaking overseas and promote stability in the digital asset market. This centralized, fiat-backed currency aligns with global regulatory trends.
- Digital Asset Basic Act (DABA) : The administration is expected to accelerate the enactment of DABA, providing clear rules and a regulatory framework for institutional adoption. This includes establishing a self-regulatory body, approval system for stablecoins, and guidelines for crypto service providers.
These initiatives signal a shift towards a more crypto-friendly environment in South Korea, potentially making it Asia's next crypto hub. The world is watching as the country bets big on blockchain technology, with implications for its digital economy and global competitiveness.
