South Korean lawmaker to introduce legislation for won-backed stablecoins

South Korean lawmaker Ahn Do-geol of the ruling Democratic Party announced plans to introduce legislation that would establish a legal framework for stablecoins backed by the Korean won, according to News1. The proposed bill aims to address key elements such as eligibility criteria for issuers, licensing requirements, collateral asset standards, regulatory measures for monetary oversight, development of the stablecoin ecosystem and safeguards for user protection. Ahn said the specifics of the legislation will be refined through a task force involving relevant government agencies and a public consultation process.