Korean regulator to draft stablecoin regulations as planned

South Korea's Financial Services Commission (FSC) has reaffirmed its commitment to developing a regulatory framework for stablecoins in a smooth and timely manner, according to Joseilbo. When the Korean government previously announced plans to review legislation for the second phase of its broader virtual asset framework, regulating stablecoins was identified as a top priority. The FSC confirmed that it will stick to its original timeline, aiming to draft the specifics of the second phase of regulations during the second half of the year. A dedicated task force composed of relevant government agencies will be organized to lead the process. The commission also stated that it will strengthen monitoring of the broader virtual asset market, including stablecoins, in light of recent increases in market volatility. These efforts are intended to enhance protections for crypto users.