South Korea to Introduce Regulatory Framework for Won-Backed Stablecoins

South Korea is taking a significant step toward establishing clearer regulations for stablecoins with the upcoming introduction of a regulatory framework in October. The Financial Services Commission (FSC), part of the nation’s financial regulator, will present this bill as part of the second phase of its Virtual Asset User Protection Act. This move follows a policy briefing by the FSC to DPK representative Park Min-kyu and anticipates submission to the National Assembly around that time.