South Korea Weighs Crypto Market Makers After JPYC Price Surge

The South Korean Financial Services Commission (FSC) is considering introducing a market-making system for digital assets after a recent price surge of JPYC, a yen-backed stablecoin listed on Upbit.

JPYC traded at as much as 37.6 Korean won per unit on September 17, more than four times its market value, due to limited liquidity on the exchange.

The FSC's director of digital finance policy, Yoo Young-joon, stated that they will review introducing systems such as market-making activities to increase efficiency and stability in the digital asset landscape.

This move comes as part of South Korea's efforts to establish a broader regulatory framework for its crypto industry, including rules governing stablecoin issuers.