US EditionKaia pledges won-pegged stablecoin as South Korean payment stocks rally
- On June 4, 2024, South Korea's president Lee Jae-myung was inaugurated, and Kaia pledged to launch a won-pegged stablecoin shortly afterward.
- This development comes after ruling party legislator Min Byeong-deok introduced a bill outlining a licensing framework for stablecoin issuers, which includes specific capital requirements.
- Kaia, backed by Kakao's digital ecosystem, aims to align with Lee's crypto-friendly agenda amid growing regulatory clarity and increasing demand for stablecoins in South Korea.
- Kakao Pay and its rival Danal saw stock rises of 29.9% on June 9, reflecting a broader market optimism as over half of surveyed Koreans plan to expand crypto holdings.
- The Digital Asset Basic Act's advancement and stablecoin launches suggest South Korea is positioning itself for a regulated, scalable stablecoin ecosystem to boost local innovation and monetary stability.
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Will Kakao be biggest beneficiary of new government’s policies?
Kakao Pay's stock price surged sharply following the launch of the Lee Jae-myung administration, fueled by growing expectations for the introduction of a Korean won-based stablecoin, analysts said Tue...
Kakao-Backed Kaia Working On A Won Stablecoin
Kaia, a blockchain firm backed by Kakao, unveiled its plan to issue a stablecoin pegged to the won. Optimism in digital assets soared following the inauguration of Lee Jae-myung as South Korea’s president. Lee Jae-myung, the new president of South Korea, is about to turn the tide in his nation’s digital assets landscape. Keeping up with his promise to bolster cryptocurrency adoption, the newly elected leader and his allies in the legislature are…
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Bitcoin Ethereum NewsSouth Korea Gets New Crypto Regulation Framework Backed by President Lee
South Korea plans to regulate stablecoins with a new crypto bill as Kakao's Kaia enters the race with a won-backed digital asset.
Kaia pledges won-pegged stablecoin as South Korean payment stocks rally - WorldNL Magazine
Layer-1 blockchain Kaia has pledged to launch a South Korean won-based stablecoin following the Wednesday inauguration of President Lee Jae-myung, a left-leaning politician whose campaign included a series of crypto-friendly promises.Launching a won-based stablecoin is one of the crypto goals laid out during Lee’s campaign that set him apart from other crypto-friendly candidates.The issuance of stablecoins faces legal hurdles, as South Korea’s c…
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