South Korea prepares regulatory framework for won-pegged stablecoins.

"Financial Services Commission to Submit Bill in October... Including Issuance, Collateral, and Control Regulations"

According to political circles on the 18th, the Financial Services Commission (FSC) of South Korea is preparing a regulatory framework for won-linked stablecoins and plans to submit a government bill to the National Assembly in October. The bill is expected to include requirements for ▲stablecoin issuance ▲collateral management ▲internal control system requirements.

Democratic Party lawmaker Park Min-gyu reported receiving policy direction for stablecoins from the FSC at a policy forum on the 17th and stated that the bill submission is expected around October. The FSC has been specifying regulations for cryptocurrency service providers in South Korea through the cryptocurrency committee since 2023.

South Korea is promoting the introduction of won-linked stablecoins to reduce dependence on dollar-linked stablecoins. In June, major domestic banks collaborated on developing stablecoins linked to the won's value, with tokens scheduled for release by the end of this year or early next year.

According to the Real World Asset (RWA) tracking site 'RWA.xyz', the global stablecoin market value was $206.67 billion as of the 17th. Among this, dollar-linked stablecoins account for $206.63 billion, representing approximately 99.8% of the entire stablecoin market.

South Korean regulatory authorities are also strengthening tax evasion crackdowns through cryptocurrencies. On the 18th, Jeju City tax authorities began freezing and seizing cryptocurrencies of suspected tax delinquent users, currently investigating approximately 3,000 tax delinquents amounting to about $14.2 million.

Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr