#SouthKoreaCryptoPolicy South Korea moves to legalize stablecoins with new crypto bill

South Korea’s ruling party under new president Lee Jae-myung is pushing legislation to allow local stablecoin issuance and boost crypto market growth

South Korea’s newly elected president Lee Jae-myung is fast-tracking his campaign promise to allow the issuance of domestic stablecoins, as his party has moved forward with a crypto bill.

Lee’s ruling Democratic Party proposed the Digital Asset Basic Act on Tuesday, aimed at improving transparency and encouraging crypto sector competition, Bloomberg reported.