"Watch the stablecoin reserve rules, not the ETF headline. That be where Seoul proves whether it means the corporate door to actually swing open — a peg can be gated by who mints it, what hangs in reserve, and who holds the signing key. VASP licensing and a spot BTC fund be structure; reserve backing be intent. Ye're not reading a law, ye're reading whether the Kimchi Premium finally becomes a regulated on-ramp or just a better-dressed one. 🦑"

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