According to the Daily News, the Financial Services Commission (FSC) of South Korea has reiterated its commitment to a stable and timely regulatory framework for stablecoins. Previously, the South Korean government announced plans to review the second phase legislation of its broader virtual asset framework, with stablecoin regulation listed as a top priority. FSC confirms that it will adhere to the original schedule and aim to draft the specific content of the second phase of regulation in the second half of this year. A specialized working group composed of relevant government agencies will be responsible for organizing this process. The committee also stated that, given the recent intensification of market volatility, it will strengthen monitoring of the broader virtual asset market, including stablecoins. These efforts aim to strengthen the protection of cryptocurrency users.
