South Korea submits the "stablecoin bill", allowing domestic companies to issue, provided they have sufficient reserve assets.

South Korea's Financial Services Commission has submitted a stablecoin bill to the National Assembly to allow domestic issuance and circulation, aiming to strengthen user protection and financial stability, and provide a new paradigm for global digital asset regulation. (Synopsis: South Korean media K Wave Media announced the establishment of bitcoin reserves: plans to buy $500 million BTC, KWM's stock price soared 135%) (Background supplement: South Korea's new president Lee Jae-myung, what is his campaign commitment to Crypto and AI? South Korea's financial regulator accelerated the legalization of stablecoins after Lee Jae-myung's election, planning to allow them to be issued and circulated in the country, a move that has attracted much attention at a time when global regulations on digital assets are tightening. The South Korean Financial Services Commission (FSC) has recently submitted a bill to the National Assembly in an attempt to establish clear rules of the game for the fast-growing stablecoin market. South Korea's Stablecoin Regulatory Framework Takes Shape On Tuesday, Lee Jae-myung's Democratic Party of Korea introduced Lee Jae-myung's Basic Digital Assets Act, according to which South Korean companies can issue stablecoins if they have at least 500 million won ($367,876) of share capital, while ensuring that every stablecoin issued can be guaranteed a refund through reserves. According to the plan, in the future, stablecoin issuers must comply with strict regulations, especially reserve asset management, and issuers need to hold sufficient and qualified reserve assets to ensure the value of stablecoins and avoid a repeat of the decoupling crisis of the Terra-Luna crash. Strict regulation of issuers and service providers The bill also imposes business restrictions on stablecoin-related service providers, such as exchanges and wallet service providers, who will be prohibited from dealing with stablecoins that are not approved by the FSC. The bill also details penalties for non-compliance, with the aim of ensuring that all market participants comply with the new regulatory directives. Through these measures, South Korea hopes to prioritize the maintenance of financial order and investors' rights and interests while encouraging the application of blockchain technology. Related reports Satoshi Nakamoto became the 11th richest person in the world, surpassing Warren Buffett and Jensen Huang... Wallet sleeps for 16 yearsBitcoin is worth $120 billion Meta signed a 20-year nuclear power agreement" to package an entire nuclear reactor to support AI computing power, cooperate with American Constellation Energy Think Bitcoin consumes electricity? Research: AI power consumption surpasses BTC mining by the end of 2025 at the earliest〈South Korea submits "stablecoin bill" to allow domestic companies to issue and must have sufficient reserve assets" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".