South Korea’s Financial Services Commission (FSC) is all set to unveil a new bill in October aimed at regulating won-denominated stablecoins, Money Today reported.
The bill is part of the second phase of the Virtual Asset User Protection Act, and will set rules for issuance, collateral management, and internal controls.
FSC to Submit Stablecoin Bill by October
At a forum about won-denominated stablecoins, Democratic Party lawmaker Park Min-gyu said he recently got a report from the FSC, outlining the plans for stablecoins. The government is expected to submit its proposed legislation to the National Assembly around October.
Since last November, the FSC has been working on the second phase of the Virtual Asset User Protection Act, aiming to finalize the bill in the second half of this year.
Growing Push For Won-Based Stablecoins
Won-denominated stablecoins are becoming a hot topic in South Korea.
President Lee Jae-Myung promised them during his campaign, and lawmakers are drafting bills to make them a reality. As the US strengthens its dollar-backed stablecoin system, South Korea’s crypto industry is pushing for won-denominated stablecoins to boost domestic control and reduce reliance on the dollar.
Won-Stablecoin Bills Advance in Parliament
Several bills on won-based stablecoins are moving through South Korea’s parliament.
Key proposals include Min Byung-deok’s Digital Dasan Framework Act, Ahn Do-geol’s