TechFlow, August 18 — According to The Block, the South Korean Financial Services Commission (FSC) plans to submit a stablecoin regulatory bill to the legislature in October this year. Local media reported that ruling party lawmaker Park Min-kyu revealed the information during a discussion on stablecoins. The bill will be incorporated into South Korea's second digital asset legal framework, primarily regulating stablecoin issuance, collateral management, and internal risk control systems.
South Korea's four major banks—KB Kookmin Bank, Woori Bank, Shinhan Bank, and Hana Bank—are planning to meet with Circle President Heath Tarbert, issuer of USD Coin (USDC), to discuss stablecoin business. South Korea's central bank governor, Lee Chang-yong, previously stated that the issuance of won-denominated stablecoins should be limited to licensed banking institutions to prevent disorderly issuance of multiple stablecoins from affecting the country's foreign exchange policy.
