South Korea Ties Corporate Market Access to Digital Asset Framework Act
The South Korean Financial Services Commission (FSC) is pushing for swift action on stablecoin law, tying corporate market opening to the Digital Asset Framework Act. The regulator's position is that issuing separate guidelines before legislation is difficult due to complex systems governing stablecoin issuance, trading, and remittance.
FSC head of the Virtual Asset Division, Kim Sung-jin, emphasized that 'cross-border transactions and remittances using stablecoins involve multiple laws' and 'stablecoin issuance is linked to the Digital Asset Framework Act.'
The FSC has been working on a roadmap for corporate participation in the virtual asset market since February last year. However, follow-up guidelines have not been released for over a year.
Industry voices are calling for expediting corporate market access, with Vidax CEO Ryu Hong-yeol estimating that the potential custody market size for domestic and international corporations reaches at least 75 trillion won (approximately $51.0 billion).