South Korea Don Dey Move Forward With Crypto Rules, Dem Go Legalize Stablecoin Plus E Fit Launch Bitcoin ETF
South Korea government party, Democractic Party, wey President Lee Jae-myung dey lead, don start to make stablecoin issue legal with new law dem call Digital Asset Basic Act. This law say local companies must get at least 500 million KRW ($368,000) for dem bank account, keep enough money for backup, and get approval from Financial Services Commission before dem fit issue stablecoins. Dem make this law to make everything clear, make competition strong, and make big investors come to South Korea crypto market. Apart from stablecoins, President Lee don promise say dem go allow crypto investment funds and dem go check to list Bitcoin ETF, wey go make South Korea stand well as digital asset center. But, Bank of Korea still dey worry say private stablecoins fit spoil money policy, and dem dey talk say government suppose control am. Stablecoin trading don reach $42 billion for Q1 2024, with pass one third of people for South Korea wey dey trade crypto. News about this regulation don make digital finance stocks like KakaoPay go up, but analysts dey tell people to calm down because dem never sure how dem go implement the policy and if the market go last long.
Bullish
Di proposed legalization of stablecoins plus di possible approval of Bitcoin ETFs na dey show say regulator side dey positive for South Korea digital asset market. Dis kain moves go fit make both big institutions and small retail players join market, e go make crypto sector legit, plus e go ginger trading activities, as we don see stablecoin volume and digital asset stocks dey increase. Even though central bank still get some worries and policy no too clear, overall e still mean positive market moves both short and medium term with more investor confidence and more trading around related cryptocurrencies. Long time risks fit still dey if regulatory guidelines no come or dem change am, but for now everybody dey optimistic.