From Cointelegraph
May 20, 2025 5:25 am:

South Korea’s Democratic Party leader Lee Jae-myung proposes a stablecoin tied to the Korean won to prevent capital outflows and strengthen financial sovereignty. Currently, South Korean law prohibits domestic stablecoins, leading to 56.8 trillion won in asset outflows linked to foreign stablecoins from January to March.

Lee also plans to legalize spot cryptocurrency ETFs and allow institutional players to invest in cryptocurrencies once price stability criteria are met. However, economists express concerns about stablecoins inflating the money supply and shifting monetary control to private issuers.

The Democratic Party sets up a Digital Asset Committee to develop cryptocurrency policies and promote industry growth, addressing regulatory uncertainty and stablecoin regulation. Plans for the Digital Asset Basic Act would establish a legal framework for cryptocurrencies and stablecoins in South Korea.

Read more at Cointelegraph: South Korean presidential front-runner proposes won-based stablecoin