Financial Services Commission to Diligently Review Stablecoin Regulations and Corporate Account Permissions

The Financial Services Commission has expressed its commitment to diligently review regulations concerning stablecoins and the permission of corporate accounts.

Kim Sung-jin, the head of the Virtual Asset Division at the Financial Services Commission, stated during a discussion at the 'National Assembly Forum for the Enactment of the Digital Asset Basic Act' held in the 9th conference room of the National Assembly on the 6th, "We are well aware of the importance of regulations related to stablecoins," and added, "The government is also hastening discussions on the regulatory framework." He further mentioned, "There was a related discussion at the Virtual Asset Committee on January 15," indicating that the Financial Services Commission will continue these discussions.

Regarding the criticism that domestic virtual asset businesses are overly focused on exchanges due to the corporate account issue, he agreed with the need for diversification and variation in virtual asset-related businesses, stating, "We will thoroughly review entry regulations and the diversification of the virtual asset industry in relation to the second phase of legislation."

Furthermore, he mentioned that measures are being prepared to mitigate side effects following the permission of corporate accounts. Kim Sung-jin stated, "Disclosure issues and measures to mitigate side effects following the permission of corporate accounts are necessary," and "discussions are currently underway through a task force." However, he added that many security issues are involved in the discussions, and announcements will be made later.