The Vice Governor of the Bank of Korea, Ryu Sang-dae, expressed hope to gradually introduce stablecoins. "It would be best to first allow strictly regulated banks to issue (Korean won-pegged stablecoins), and after accumulating experience, gradually expand to the non-bank sector." 🗒️ The ruling party Democratic Party, led by President Lee Jae-myung, proposed the 'Digital Asset Basic Act,' paving the legal way for the issuance of stablecoins in South Korea. The bill allows South Korean companies with a capital of 500 million won (approximately 368,000 USD) or more to issue stablecoins, provided that a reserve guarantee redemption mechanism is in place.