Chairman of the Korean Financial Services Commission: Stablecoin bill to be announced within the year

Jinse Finance reported that the Korean Financial Services Commission stated it will finalize the legislative proposal for the "Virtual Asset User Protection Act (Phase Two)", which includes a regulatory framework for stablecoins, within this year and submit it to the National Assembly for review. To accelerate the legalization process for stablecoins, the plan is to simultaneously advance both the submission of the bill and the preparation of implementation details. During the National Policy Committee's government audit held on October 20, Chairman Lee Eui-won responded to Democratic Party lawmaker Ryu Dong-soo's inquiry regarding the timing of the submission of the Phase Two virtual asset legislative proposal, stating that it is currently in the final coordination stage with relevant departments and is expected to be submitted by the end of the year.