South Korea Advances Stablecoin Regulation Framework

According to PANews, the South Korean Financial Services Commission (FSC) has reaffirmed its commitment to developing a stablecoin regulatory framework in a smooth and timely manner. This follows the South Korean government's announcement to review the second phase of legislation for its broader virtual asset framework, prioritizing stablecoin regulation. The FSC has confirmed its intention to adhere to the original timeline, aiming to draft specific content for the second phase of regulation in the latter half of this year. A dedicated task force, comprising relevant government agencies, will oversee this process. The commission also stated that, in light of recent market volatility, it will enhance monitoring of the broader virtual asset market, including stablecoins. These efforts are aimed at strengthening protection for cryptocurrency users.