South Korea’s newly elected president, Lee Jae-myung, is pushing forward with his campaign pledge to authorize the issuance of domestic stablecoins, as his party introduces a new cryptocurrency bill.
In a decisive rebuke to political instability, South Korean voters elected pro-crypto reformist Lee Jae-myung as president.
South Korea is tightening its regulations on digital asset transactions as it prepares for institutional players to enter the crypto market.
Lee Jae-myung, leader of South Korea’s Democratic Party, has recommended creating a stablecoin tied to the Korean won to tackle capital outflows and reinforce national financial sovereignty.
South Korean regulators are intensifying their efforts against digital asset firms by requesting that Apple block access to 14 apps domestically.
The Bank of Korea has opted not to include Bitcoin in its foreign exchange reserves due to its high volatility and failure to meet the International Monetary Fund’s guidelines on liquidity and risk management.
South Korea’s financial authorities are ramping up their anti-money laundering (AML) initiatives to tackle the rising risks associated with the swift increase in virtual asset transactions.
