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FSC will present a stablecoin regulation bill to lawmakers in October.
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The law will cover issuance rules, collateral, and risk controls.
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Local banks may meet Circle’s president during his Korea visit.
Bill Submission Timeline
South Korea’s Financial Services Commission plans to submit its stablecoin regulation bill in October, according to local lawmakers. The bill is expected to form part of the country’s second digital asset legal framework.
Focus of the Bill
The proposal will outline rules for stablecoin issuance, collateral management, and internal risk systems. President Lee Jae Myung has pushed for the development of a local stablecoin market to enhance monetary sovereignty.
Industry and Regional Context
South Korea’s largest banks are preparing stablecoin-related services and may meet with Circle President Heath Tarbert next week. Neighboring Japan is also close to approving its first yen-backed stablecoin. Meanwhile, the U.S. is advancing its own federal stablecoin framework through the recently signed Genius Act.
