The South Korean stock market is experiencing a wave of Crypto Assets, with the new president supporting the Korean Won Token.

Gate News bot reported that on June 30, after South Korean President Lee Jae-myung promised to allow the issuance of crypto assets supported by the Korean won, the South Korean stock market soared in response. This sparked strong interest among retail investors in companies related to digital currency projects.

The benchmark Korea Composite Stock Price Index has risen nearly 30% this year, making Korea the best-performing market in Asia for the first half of the year. Stocks related to the South Korean central bank’s digital currency project have experienced significant price fluctuations, with LG CNS shares rising about 70% in June and Kakao Pay shares more than doubling.

NASDAQ-listed companies experienced significant volatility due to stablecoin associations. Financial technology security company Aton’s stock price surged by 80%, while mobile game developer ME2ON’s subsidiary saw its stock price double after launching a stablecoin pegged to the US dollar.

The enthusiasm of Korean retail investors has pushed the margin loan balance up to 20.5 trillion won (approximately $15 billion). After Lee Jae-myung appointed digital token advocate Kim Yong-beom as chief policy advisor, the market expects further enhancement. A parliamentary bill proposed this month will allow companies with 500 million won in equity to issue stablecoins denominated in won.

South Korea has one of the most active Crypto Assets markets in the world, with about 20% of the population participating in digital asset trading. Although Bank of Korea Governor Lee Chang-yong has expressed concerns about the issuance of stablecoins linked to the won by non-bank entities, banks, brokerages, and fintech companies still show strong interest in the issuance of stablecoins.