Korea Accelerates Stablecoin Regulations Amid US Regulatory Push

South Korea's Financial Services Commission (FSC) is accelerating talks on its Digital Asset Framework Act, which includes provisions for stablecoins. FSC Chairman Kim Byoung-hwan said he would speed up consultations on the second phase of the legislation. This comes after Democratic Party lawmaker Lee Kang-il urged the government to move quickly and not let the bill slip into next year.

Lee pointed out that the US is rapidly advancing its digital-asset rulemaking, with the Securities and Exchange Commission (SEC) clarifying how securities laws apply to digital assets. The Commodity Futures Trading Commission has also approved perpetual futures tied to Bitcoin spot prices.

The Digital Asset Framework Act aims to regulate the growing virtual-asset market in South Korea. Kim said he would do his best to submit the government's bill by this fall, after Lee expressed concerns that the legislative process should be wrapped up now.