Summary
- The Financial Services Commission said it will move as quickly as possible on legislation for the Digital Asset Basic Act, including provisions on stablecoins.
- The FSC said it is reviewing whether related financial laws, including the Electronic Financial Transactions Act, need to be revised to reflect stablecoin circulation and their use in payments and settlements.
- Seo Na-yoon said authorities will prepare licensing requirements, user protection rules, disclosure standards, a liability framework and possible use of a regulatory sandbox alongside rules for digital asset businesses.
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South Korea’s Financial Services Commission said it will move as quickly as possible on legislation for the Digital Asset Basic Act, including provisions on stablecoins.
Seo Na-yoon, head of the FSC’s Virtual Asset Division, made the remarks at a forum held at the National Assembly on Nov. 2, according to Edaily. “We will push ahead as quickly as possible to reduce the cost of legislative delays,” Seo said.
The FSC is also reviewing whether related financial laws, including the Electronic Financial Transactions Act, need to be revised to reflect stablecoin circulation and their use in payments and settlements.
Seo said that if digital asset businesses are regulated as a separate sector, their scope of operations could widen. Authorities therefore need to establish licensing requirements, user protection rules, disclosure standards and a liability framework.
The regulator also left open the possibility of using a regulatory sandbox. Once National Assembly discussions begin in earnest, officials will review ways to test some measures more quickly, Seo added.
