What happened?
Lee Kwang-jae, former Secretary-General of the South Korean National Assembly, suggested that South Korea must ensure its KRW-pegged stablecoins are listed on overseas cryptocurrency exchanges such as Binance and Coinbase. He stated that international traders must be able to access these coins for them to be successful. Lee also suggests that South Korea needs to open up domestic crypto exchanges like Upbit and Bithumb to foreign traders.
Who does this affect?
This mainly affects individuals and corporations interested in stablecoins and the global cryptocurrency market. Furthermore, it specifically impacts overseas traders who can potentially trade KRW-pegged stablecoins if they are listed in international exchanges. Domestic crypto exchanges like Upbit and Bithumb, along with big tech companies like Samsung who might explore stablecoins, may also experience changes.
Why does this matter?
Lee’s statement carries significant implications for the global crypto market. If KRW-pegged stablecoins become available to international traders, there could be a surge in demand, thus affecting the overall liquidity and stability of the crypto market. In addition, this move could advance South Korea’s standing in the global cryptocurrency arena. As more countries accept and adopt cryptocurrencies, being able to trade globally ensures competitiveness and relevance.