South Korea readies stablecoin framework; bill set for October

The FSC will introduce a bill that’s expected to provide guidelines on issuance, collateral management and internal control systems for stablecoins.

South Korea is reportedly preparing to introduce a regulatory framework for a won-backed stablecoin, with its financial regulator set to introduce a government bill in October.

On Monday, South Korean news portal MoneyToday reported that the Financial Services Commission (FSC) will unveil the bill as part of a second phase of the nation’s Virtual Asset User Protection Act.

Democratic Party of Korea (DPK) Representative Park Min-kyu said during a policy debate that he received a briefing from the FSC on the policy direction on stablecoins. “The government bill is expected to be submitted to the National Assembly around October,” Park said. 

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