Korea has finally introduced stablecoin-specific legislation! Unlike previous bills that focused broadly on crypto assets, this time both major parties—Democratic Party and People Power Party—have proposed stablecoin-focused bills. The two proposals are largely similar and include: - Issuers must have at least 5 billion KRW in equity and get approval from the Financial Services Commission - 100%+ of reserves must be held in cash, deposits, or government bonds under 1 year - No interest payments allowed - Regular monthly or quarterly audits - Mandatory consumer compensation provisions These provisions closely resemble the U.S. GENIUS Act. It’ll be interesting to see whether Korean regulators allow reserves to include foreign government bonds. Another point to watch: Korea has strict FX laws. The government is now reviewing whether stablecoins should fall under them. Right now, overseas transfers of crypto including stablecoins are relatively free—but with regulation, this could change and become a major hurdle for Korean investors.