08:19
South Korea's financial regulators plan to advance stablecoin legislation in October.
Gate News bot message, according to a report by The Block, the South Korean Financial Services Commission plans to submit a stablecoin regulation bill to the legislative body in October this year. The bill will be part of the second phase of the digital asset legal framework, involving requirements for stablecoin issuance, collateral management, and risk control.
At the same time, the four major banks in South Korea are expected to meet with Heath Tarbert, the president of USDC issuer Circle, next week to discuss stablecoin cooperation. Notably, Japan is also expected to approve the issuance of its first yen stablecoin this fall.