South Korea Tightens Regulation of Its Stablecoin Market

South Korea’s Financial Services Commission (FSC) plans to unveil a stricter regulatory framework for stablecoins in October, aiming to secure the nation’s growing cryptocurrency market. The draft regulations will encompass issuance rules, collateral management practices, and internal risk control systems, as part of a second comprehensive cryptocurrency regulation package. The FSC aims to submit this package to the National Assembly by October, following consultations with industry stakeholders including prominent internet companies like Naver and Kakao, as well as major banks. ]