South Korean ruling party opens policy allowing companies to issue Stablecoins: Bloomberg
South Korean President Lee Jae-Myung’s Democratic Party submitted a bill to parliament that would allow qualifying companies to Issue stablecoinsBloomberg reported on Tuesday.
The Digital Asset Basic Act aims to improve transparency and encourage cryptocurrency competition, Bloomberg said. Companies can issue their own stablecoins if they have at least 500 million wins ($ 368,000) in the equity capital and ensure refunds through reserves as well as receiving approval from the Financial Services Commission.
Lee, voted as president last week, make a number of promises In the South Korean crypto industry during its election campaign, appealing to 15 million investors in the country’s crypto. Among them, he said the country should support a Stablecoin Market -based “winner” to prevent national wealth from leaking overseas, “the Korea Herald reported.
Stablecoins are Tokens that are already At the cost of a traditional financial ownership, such as a Fiat Currency, that the US dollar is comfortable the most widespread. Their stability gives a counterweight to volatility of cryptocurrencies such as bitcoin
and Ether, which allow users to handle capital with digital possessions without having to worry about wild price swings.
The sector, led by Tether’s USDT, has experienced an interest on this year thanks to, among other factors, Developing Towards a sector regulation in the US.
Stablecoin sector strength is that -highlight in the last week of Strong USDC Issuer Circle stock performance (CRCL) Following the initial public offering (IPO). Sharing more than quadrupled in the first three days of trading. In addition to The sector’s market cap has reached $ 250 billion In the first time.
