Financial Services Commission Chairman: 'Accelerating Legislation for Stablecoins and Corporate Virtual Asset Accounts'

According to the industry on the 22nd, Kim Byung-hwan, Chairman of the Financial Services Commission, announced that he would accelerate legislation related to domestic virtual assets (cryptocurrency).

On this day, Chairman Kim stated at a monthly press conference, "Currently, the focus is on investor protection," but added, "The U.S. is likely to take a more proactive stance on virtual assets than it previously held. Therefore, we are preparing to move faster in the institutionalization of the domestic virtual asset industry."

He cited the allowance of corporate real-name accounts as a representative example. Chairman Kim said, "Last week, the Virtual Asset Committee held a meeting and a press release was issued, but the content about corporate accounts was omitted. So, there are talks about whether it's not happening, but that's not the case," and added, "Since the issue of corporate accounts was discussed in the previous committee, we will decide on a position as soon as possible and inform you."

He also mentioned that they would push for the regulation of stablecoins and the 'second phase legislation' for virtual assets. Chairman Kim emphasized, "There are parts like stablecoins and other aspects that were not reflected in the first phase of legislation," and added, "We will accelerate this part more than we initially thought."