According to ChainCatcher and Daily News, the Korean Financial Services Commission (FSC) has reiterated its commitment to developing a stable and timely stablecoin regulatory framework. Previously, the Korean government announced plans to review the second phase of legislation for its broader virtual asset framework, with stablecoin regulation as a top priority.
The FSC confirmed that it will adhere to the original timeline, aiming to draft specific details for the second phase of regulation in the second half of this year. A dedicated working group composed of relevant government agencies will be responsible for organizing this process. The commission also stated that, given the recent increase in market volatility, it will strengthen monitoring of the broader virtual asset market, including stablecoins. These efforts are aimed at enhancing protection for cryptocurrency users.
