[Special Stocks] Digital Asset Basic Act Proposed... Stablecoin-Related Stocks on the Rise

As the ruling Democratic Party of Korea officially announced its policy to allow non-bank institutions to issue won-based stablecoins, stocks related to "won stablecoin" are on the rise on June 11.

As of 11:14 a.m. on this day, ITCenGlobal was trading at 19,220 won, up 1,790 won (10.27%) from the previous trading day. Other stablecoin-related stocks such as KCT (up 9.18%), Aton (up 6.49%), and Danal (up 4.38%) were also showing gains.

On the previous day, Min Byungdeok, a lawmaker from the Democratic Party of Korea, submitted a bill to establish the Digital Asset Basic Act. The bill includes clear legal definitions and scope for digital assets and digital asset businesses, transparent market entry regulations through approval, registration, and reporting to the Financial Services Commission, the introduction of a prior approval system for asset-linked digital assets, and granting the Financial Services Commission supervisory, inspection, investigation, and disposition authority. In addition, it allows Korean corporations to issue stablecoins if they meet a minimum capital requirement of 500 million won.

Min stated, "Countries such as the United States are fostering digital assets as a strategic industry," and explained the legislative intent by saying, "Korea is at risk of falling behind in the race for leadership and becoming a developing country in the digital asset market." He added, "Speed is crucial in the digital asset market," and emphasized, "We will do our best to become one of the global G2 (the world's two leading countries)."

Previously, during the presidential election campaign, President Lee Jaemyung pledged to "revise the system to allow the issuance and distribution of won-based stablecoins." Kim Yongbeom, who was appointed as Chief Policy Officer at the Presidential Office on June 6, also served as the head of Hashed Open Research, the think tank of virtual asset investment firm Hashed, from 2022 until recently.