South Korea Expands Stablecoin Regulation, Sets New Timeline

South Korea’s Financial Services Commission (FSC) is intensifying its focus on regulating stablecoins. Following a government review of the virtual asset framework’s second phase, the FSC has reaffirmed its commitment to developing a comprehensive regulatory system for these digital assets. This comes with a detailed timeline aiming to finalize specific content by the latter half of this year. The task force comprised of various government agencies will lead this process.