The post South Korea Moves Ahead With Stablecoin Regulation Bill appeared on BitcoinEthereumNews.com.

South Korea is preparing to introduce a regulatory framework for stablecoins in a few months. In particular, the Financial Services Commission (FSC) is expected to submit the bill to the National Assembly in October. Stablecoin Framework Designed to Reduce Dollar Dependence According to lawmaker Park Min-kyu, the FSC briefed him on the policy direction and confirmed the timeline. The framework is part of the second phase of South Korea’s Virtual Asset User Protection Act, and is similar to the US’ recently passed GENIUS Act. The upcoming bill will define rules for stablecoin issuance, collateral management and internal control systems, and regulators are aiming to give the market clear guidance while ensuring consumers are protected. The push for stablecoin rules comes as South Korea seeks to reduce its reliance on dollar-pegged tokens.  As of writing, the stablecoin market is dominated by USD-backed assets like Tether’s USDT and Circle’s USDC. Data from RWA.xyz even shows that dollar-based stablecoins account for as much as 99.8 per cent of the $266.7 billion market. Source: Rwa.xyz  South Korea’s government sees this as a risk to its monetary sovereignty.  Several bills have already been submitted to mitigate this, including the Digital Asset Basic Act, the Act on the Issuance and Circulation of Value-Stable Digital Assets and the Act on Payment Innovation Using Value-Pegged Digital Assets.  The upcoming FSC proposal will bring these efforts together under a unified framework. South Korea Banks and Tech Firms Support Stablecoin Plans The country’s largest banks and other institutions are already preparing for the shakeup. Banks like KB Kookmin, Woori, Shinhan, and Hana have all expressed interest in providing services around stablecoins. These banks are also considering a meeting with Circle’s President, Heath Tarbert, to look into collaborating on stablecoin technology. 🔥STABLECOIN SHIFT IN ASIA#Circle’s President Heath Tarbert is in South…

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Filed under: News - @ August 20, 2025 2:26 am