South Korean President Lee Jae-myung is advancing plans to support a won-backed stablecoin market as part of his campaign promises. His ruling Democratic Party has introduced the Digital Asset Basic Act, which would allow local companies to issue stablecoins if they meet capital and reserve requirements and get regulatory approval. $KAIA Coin, backed by major firms Naver and Kakao, is seen as a strong contender in this emerging market. This move aims to boost transparency, competition, and prevent capital outflows from South Korea
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