Layer-1 Blockchain Kaia has undertaken to launch a lot of crypto-friendly guarantees after President Lee Jae-Myung's inauguration of President Lee Jae myung, a left-wing politician, whose campaign included a stable coin obtained in South Koreans.
A stable coin obtained starts considered one of the crypto goals defined during Lee's campaign, which stand out from other crypto-friendly candidates.
The granting of stablecoins is exposed to legal hurdles, because the structure of South Korea grants exclusive authority via the currency to the central bank, the Bank of Korea.
Kaia Eyes won stable coins in a domestic market with an improved regulatory ecosystem. Source: Sangmin search engine marketing
Nevertheless, the Democratic Party of Lee tends to innovations of the private sector. The legislator Min Byoung-by-Dug, which heads the party's Digital Asset Committee, has signaled the support for personal stable coins and is preparing to propose the Digital Asset Basic Act, a comprehensive legislative framework for the crypto industry.
Kaia's interest in stablecoins, given his support from cocoa, the Tech conglomerate, is behind most of the essential digital services in South Korea, including messaging, navigation and finance.
The StableCoin stock pump beneficiaries
Both traditional and crypto investors in South Korea have enthusiastically responded to the brand new administration.
According to a survey by the Korea Chamber of Commerce and the industry, which were cited by several local outlets, almost 60% of those surveyed stated that they were expanding their crypto investments during Lee's term.
This optimism was spilled into the stock exchange on Monday when the payment firms then closed the day by 29.9%.
Due to its digital wallpocks infrastructure and the QR code payment system, Kocao Pay is mostly considered a possible beneficiary of a domestic stable coin. The company is the FinTech arm of Kocao, whose web3 subsidiary developed the Klaytn-Blockchain and is now merging with the Japanese messenger line from Finschia.
The rally also reflects the increasing trust that StableCoin regulation will progress quickly. Kim Yong-Beom, former Vice Finance Minister and until recently research manager at Blockchain Venture Capitalist Hashed, was appointed Chief Policy Officer by President Lee.
The upcoming Digital Asset Basic Act from Lawmaker Min is predicted to contain the legalization and monitoring of stable coins for legalization and surveillance, which signals that the support of legislative support is expounded to the plan.
Lee's presidency and stable coins were clarified for the beginning
The principal cloud of uncertainty, which hangs on Lee's presidency, was his diverse ongoing criminal proceedings that began before his election. The politically sensitive case – an investigation procedure for alleged voting law breaches during his 2022 campaign – should initially be resumed on June 18.
The South Korean structure grants the presidents of the immunity of criminal persecution, except in cases of rebellion or betrayal, nevertheless it was unclear whether this is able to apply to court proceedings before the inauguration.
On Monday, the Seoul Supreme Court ruled that Article 84 of the structure was correct and that the negotiation postponed indefinitely. The decision is effectively deleted the choice for Lee's Administration to pursue its crypto agenda. Four further legal proceedings are still pending, with delays or suspensions now depend upon the interpretation of every court.
