The South Korean Financial Services Commission Formulates Stablecoin Regulatory Systems and Starts to Review the Establishment of Virtual Asset Disclosure Systems

According News1, the South Korean Financial Services Commission has begun the second phase of legislative work, formulating regulatory systems for stablecoins and beginning to review the establishment of virtual asset disclosure systems. The plan after the interview must be reported to the Standing Committee of the National Assembly’s Political Affairs Committee before the implementation of the Virtual Asset User Protection Law in July 2024. The second phase of legislative work will be formulated according to the opinions of the Financial Services Commission, which will include laws and regulations related to the issuance of virtual assets as well as the regulatory system for different types of virtual assets. Through this research service, the Financial Services Commission reviews ways to resolve conflicts of interest that arise during the issuance and distribution of virtual assets by operators. In addition, it also plans to establish a regulatory system based on the type of virtual asset, such as stablecoins with fixed prices, security tokens, and utility tokens. At the same time, it will also formulate regulatory systems for virtual asset assessment services, consulting services, public disclosure services, and review the establishment of a system that can provide comprehensive market prices and comprehensive information disclosure according to the relevant system.