On June 10, South Korea's ruling Democratic Party proposed a draft of the (Digital Asset Basic Law), allowing local businesses with a registered capital exceeding 500 million won (approximately $368,000) and full reserves to issue won-backed stablecoins. This move will make South Korea the first major economy in Asia to legalize non-bank stablecoins. The administration of President Lee Jae-myung is simultaneously promoting the launch of BTC/ETH spot ETFs, allowing pension funds to allocate cryptocurrency assets, and establishing a digital asset regulatory bureau to build a 'legitimacy + security + sustainability' cryptocurrency financial system. The Bank of Korea is participating in the BIS's Agorá project, establishing a regulatory framework where 'the issuance of stablecoins falls under the FSC, and monetary control belongs to the central bank.' Under policy stimulation, KakaoPay's stock price surged 18% in a single day, but analysts warn of the risks of policy and asset bubbles. Currently, about one-third of South Korea's population is involved in crypto investment, and the new regulations are expected to lower transaction costs and enhance the certainty of local currency transactions, helping South Korea become a key node in the global crypto industry.

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