The new President of South Korea, Lee Jae-myung, is promoting the legalization of the issuance of domestic stablecoins through the Digital Asset Basic Act. The bill requires companies with a minimum capital of 500 million won to be allowed to issue stablecoins if they have a reserve fund and approval from the Financial Services Commission. However, the Bank of Korea opposes this, arguing that issuing stablecoins outside of banks could affect monetary policy and that they are the appropriate authority to regulate stablecoins related to the won.#MarketRebound