The ruling party in South Korea has proposed the "Digital Assets Basic Law," which aims to allow South Korean companies with a capital of up to 500 million won to issue stablecoins.

BlockBeats News, June 10th, South Korea's newly elected President Lee Jae-myung is swiftly delivering on his campaign promise to allow local companies to issue stablecoins, further driving one of the world's most active digital asset markets. Lee Jae-myung has been a vocal supporter of adopting stablecoins. On Tuesday, Lee Jae-myung's ruling party, the Democratic Party, proposed the "Digital Assets Basic Act" aimed at increasing transparency and encouraging competition in the cryptocurrency industry.

According to the bill, if a South Korean company has at least 500 million Korean won (approximately $367,876) in capital and ensures refund guarantees through a reserve, it can issue stablecoins. South Korea is already a greenhouse for cryptocurrency activities, with over a third of the population (about 18 million people) participating in the digital asset market. Sometimes, the trading volume of domestic cryptocurrency exchanges even surpasses the South Korea Composite Stock Price Index and the KOSDAQ index. A stablecoin is a cryptocurrency pegged to another asset, usually the U.S. dollar. (Jinse)