South Korea Targets November Review for Second Stage Crypto Legislation

South Korea's Financial Services Commission (FSC) has set November as the target date for reviewing the country's second stage crypto legislation, known as the Digital Asset Framework Act. This move comes despite claims of delays in the process.

According to Seo Na-yoon, head of the FSC's virtual asset division, the regulator and lawmakers are moving in the same direction on legislation covering digital asset issuance and distribution, including stablecoins.

The Digital Asset Framework Act is expected to address areas such as issuance, disclosures, and stablecoin regulation. The FSC has stated that it plans to complete second stage legislation related to stablecoins within 2026.