Financial Services Commission "Will Diligently Review Stablecoin Regulation and Allowance of Corporate Accounts"

Photo by Son Min, Bloomingbit Reporter

The Financial Services Commission has expressed its commitment to diligently review regulations such as stablecoins and the allowance of corporate accounts.

Kim Sung-jin, Director of the Virtual Asset Division at the Financial Services Commission, stated during the 'National Assembly Forum for the Enactment of the Digital Asset Basic Act' held at the Yeouido National Assembly Building on the 6th, "We are well aware of the importance of regulations related to stablecoins," and added, "The government is also hastening discussions on the related regulatory framework." He further mentioned, "There were related discussions at the Virtual Asset Committee on January 15th," indicating that the Financial Services Commission will continue these discussions.

Regarding the criticism that domestic virtual asset businesses are concentrated only on exchanges due to the corporate account issue, he agreed, "I agree with the argument that there is a need for diversification and variation in virtual asset-related businesses," and said, "We will thoroughly review entry regulations and the diversification of the virtual asset industry in relation to the second phase of legislation."

Furthermore, he mentioned that measures are being prepared to mitigate side effects following the allowance of corporate accounts. Director Kim stated, "Disclosure issues or measures to mitigate side effects following the allowance of corporate accounts are necessary," and added, "Currently, discussions are underway through a task force (TF)." However, he noted that there are many security issues in the related discussions and that announcements will be made later.