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South Korea steps closer to introducing stablecoin regulation

South Korean parliament
A draft bill on the regulation of stablecoins was introduced to the parliament in June this year. Photo: Jung Yeon-Je – Pool/ Getty Images

Hameed Shuja

1 min read
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Legislation will pave way for introducing won-backed stablecoins, aimed to reduce reliance on the US dollar.

South Korea’s financial regulator is stepping closer to introducing a much-anticipated regulatory framework for stablecoins, according to reports in local media.

The country’s Financial Services Commission (FSC) will introduce the proposed legislation in October this year, as reported by MoneyToday. The regulatory framework will pave the way for banks to

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