#SouthKoreaCryptoPolicy President Lee backs crypto for big money

Lee is expected to oversee major crypto policy changes in South Korea, including the likely enactment of the Digital Asset Basic Act (DABA). The progress began under Yoon, who campaigned on it but couldn’t see it to fruition due to his premature dismissal.

Recently, the Democratic Party formed a Digital Asset Committee led by lawmaker Min Byoung-dug, who is aiming to pass DABA through the National Assembly this year. Min said in a recent local media interview that the bill will propose a legally recognized self-regulatory body, a stablecoin approval system and clearer rules for crypto service providers.

Lee also championed approving spot crypto exchange-traded funds (ETFs), which are currently banned under existing law, and allowing the National Pension Service to invest in digital assets.

Regulatory discussions on crypto ETFs were already heating up before the election, and the Financial Services Commission has launched a phased strategy to bring institutional investors into crypto. His main election rival, Kim Moon-soo, backed the same initiatives.

Related: South Korean crypto emerges from failed coup into crackdown season

What set Lee’s crypto policies apart was his proposal to launch a won-based stablecoin. A flashy stablecoin can spark painful memories for South Korean investors who bet on a homegrown multibillion-dollar failure: the Terra project and its algorithmic stablecoins. Lee’s stablecoin contrasts with Terra as he proposed a centralized, fiat-backed currency consistent with global regulatory trends.#TRX