South Korea to accelerate crypto legislation after US GENIUS Act clears path
Main Idea
South Korea is accelerating its cryptocurrency legislation following the US GENIUS Act, with developments including a won-backed stablecoin and high crypto ownership among young investors.
Key Points
1. South Korea's ruling party is advancing crypto legislation to align with the US GENIUS Act, aiming to improve oversight and investor safety.
2. Korea Investment and Securities is developing a won-backed stablecoin to provide a compliant digital currency for everyday use.
3. Over 25% of South Koreans aged 20–50 own crypto assets, with nearly 70% planning to increase their investments.
4. The GENIUS Act in the US has prompted South Korea to fast-track regulatory proposals, including new tax laws for the crypto ecosystem.
5. South Korea's efforts mirror global trends, such as Japan's yen-backed stablecoin and the EU's digital euro exploration.
Description
South Korea is fast-tracking cryptocurrency regulations in response to the recently passed GENIUS Act in the United States , signalling a renewed push to tighten oversight of digital assets like Bitcoin and Ethereum. The country’s ruling party announced plans to speed up crypto-focused legislation, aiming to create a clearer legal framework for virtual assets, exchanges, and stablecoins. Officials say the move is necessary to stay competitive in the global digital finance space and to improve in...
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