Korea's FSC Seeks Won Stablecoin Regulation Through Interagency Consultative Body
The Financial Services Commission (FSC) of South Korea is pushing to create a policy consultative body involving the Bank of Korea and the finance ministry to regulate won-denominated stablecoins.
According to Yoo Won-kyu, an official in the FSC's virtual asset division, lawmakers are discussing a bill that would establish a consultative body among relevant agencies.
The FSC is preparing legislation to require sufficient reserve assets and a stable redemption system for stablecoins, as well as measures to separate customer assets from issuer assets in case of bankruptcy.
Experts at the forum also stressed the need for a regulatory framework covering everything from licensing standards for issuers to reserve-asset management, redemption procedures, and anti-money laundering (AML).