Despite the legal ambiguities surrounding stablecoin issuance due to South Korea’s constitution granting currency issuance rights exclusively to the Bank of Korea, Lee’s Democratic Party is progressively tilting towards innovation in the private sector. Min Byoung-dug, the head of the party’s Digital Asset Committee, has shown support for private sector-issued stablecoins and is set to propose the Digital Asset Basic Act, a comprehensive legislative framework for the cryptocurrency industry.

The tech giant Kakao backs Kaia’s interest in stablecoins. Kakao is the force behind a vast array of South Korea’s essential digital services, including messaging, navigation, and finance.

With the new administration in place, both traditional and cryptocurrency investors in the country have expressed their excitement. According to a survey by the Korea Chamber of Commerce and Industry, nearly 60% of respondents are planning to increase their crypto holdings under Lee’s administration. This optimism was reflected in the stock market on Monday, with payment companies Kakao Pay and competitor Danal both seeing a 29.9% increase.

Widely recognized as a potential beneficiary of a domestic stablecoin due to its digital wallet infrastructure and QR code payment system, Kakao Pay is the fintech subsidiary of Kakao. The latter’s Web3 subsidiary developed the Klaytn blockchain, which has now merged with the Japanese messaging service LINE-backed Finschia to form Kaia.

The increased confidence in the speedy advancement of stablecoin regulation is also mirrored in the stock market rally. Kim Yong-beom, formerly a vice finance minister and recently the head of research at blockchain venture capitalist firm Hashed, has been designated as President Lee’s chief policy advisor.

The proposed Digital Asset Basic Act by lawmaker Min is anticipated to include sections legalizing and supervising won-pegged stablecoins, indicating growing legislative support for the initiative.

Although Lee’s presidency has been overshadowed by his ongoing criminal trials, the Seoul High Court recently ruled that the President’s immunity from criminal prosecution applies, thus indefinitely delaying the trials. This ruling effectively paves the way for Lee’s administration to pursue its cryptocurrency agenda.

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The move has been possible thanks to the partnership with GroundX, a blockchain subsidiary of Kakao Corporation, the source says. Citing the report in Hanguk Kyungjae, the source says subscribers will be able to receive 10% of their monthly subscription price in crypto tokens KLAY. Moreover, users who install Klip wallet in their KakaoTalk app will get additional rewards.  

Klip is a cryptocurrency wallet in the Korean chat app KakaoTalk. The project started in June last year and reached 0.75 million users across the globe in March of this year.

KLAY token ranks #18 with a market cap of around $8 billion on CoinMarketCap.com. Moreover, it has a listing on such crypto exchanges as Bittrex, Liquid, OKEx, and Gate.io, per CoinMarketCap.com data. It is trading at around $3.27 at the time of writing.

Klaytn, Kakao’s blockchain project behind the cryptocurrency KLAY, has recently become the first public platform besides Ethereum to be integrated with OpenSea. The integration of Klaytn with the largest NFTs marketplace will allow users to purchase and sell NFTs powered by Klaytn using KLAY tokens.

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In June last year, Kakao has launched a cryptocurrency wallet in KakaoTalk. The service received the name Klip and allowed the users of the platform to access 11 cryptocurrencies and digital assets. With a special tab in the mobile application, KakaoTalk users can store crypto. They can also use their digital assets for games, shopping, or sending money to their contacts.  

Kakao has its own token called Klay. The token received a listing on one of the largest exchanges in South Korea. This was shortly after the launch of the crypto wallet. A few weeks ago, Ground X, Kakao’s blockchain subsidiary, announced that it will be verifying and storing unlisted investments on the company’s public blockchain Klaytn as NFTs.

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