South Korea has been reported preparing to introduce a regulatory framework for a winner of supported Stablecoin, along with a financial regulator set to introduce a government bill in October.
On Monday, the South Korea news portal MoneyTayday reported That the Financial Services Commission (FSC) will open a bill as part of the second phase of the country’s Virtual Asset User Protection Act.
Korea Democratic Party (DPK) said Park Min-Kyu during a policy debate that he received a briefing from FSC in the direction of the Stablecoins policy. “The government’s bill is expected to be submitted to the National Assembly by October,” Park said.
The bill is expected to formulate requirements for release, collateral management and internal control systems for stablecoins. The FSC has been working on the framework since 2023 by the Virtual Asset Committee, aimed at setting clearer policies for crypto service providers in the country.
Reducing hope to dollar-pegged stablecoins
With the United States ramping on its Stablecoin law efforts, South Korea plays catch-up.
The money today said the institutionalizing won-pegged stablecoins have gained traction since President Lee Jae-Myung promised his campaign.
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The report also said local industry stakeholders cited an urgent need to introduce a won-pegged stablecoin to reduce dependence on dollar-based tokens.
In June, Major South Korea banks cooperated with Work on a won-pegged stablecoin To protect money against growing dollar dominance. Banks said the upcoming token was set to be materialize in late 2025 or early 2026.
Treal-World Asset (RWA) tokenization tracker rwa.xyz Shut up That week, the total market value for Stablecoins was $ 266.7 billion. Data show that dollar-pegged stablecoins continue to rule 99.8% of the market with $ 266.3 billion.
Related: Vietnam State-run military bank partners with Dunamu to launch the Crypto Exchange
South Korea drops tax evaders
In addition to clarifying Stablecoin rules, South Korea has been clamping to citizens who use crypto to prevent tax payment.
On Monday, tax officials in Jeju City, the capital of the province of Jeju, began freezing and seized digital ownership of users suspected of tax requirements using crypto.
Authorities Initiated the investigation of nearly 3,000 individuals to Arrears for a total of $ 14.2 million to confirm if they have any holdings that can be obtained to resolve their tax balances.
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