South Korea is preparing to introduce its first comprehensive stablecoin regulation framework, with the Financial Services Commission expected to submit a bill to the National Assembly in October.
The proposal, part of the Virtual Asset User Protection Act’s second stage, will focus on rules for issuing won-pegged stablecoins, collateral management, and operational controls for digital asset firms. Lawmaker Park Min-Kyu confirmed that the FSC is finalizing the draft following consultations.
Momentum for a regulatory framework has increased since President Lee Jae-Myung pledged support for a won-backed stablecoin during his campaign. Several lawmakers have already tabled related bills, including Representative Min Byung-Deok’s Digital Asset Basic Act, Ahn Do-Gul’s Act on Value-Stable Digital Assets, and Kim Eun-Hye’s Act on Payment Innovation.
Since 2023, the FSC has worked on guidelines through its virtual asset committee, stressing the need for clarity as stablecoins grow vital for payments and trading. The new bill could mark a milestone in South Korea’s crypto policy.
You need to login in order to Like
Leave a comment