Friday, December 9, 2022
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South Korean financial watchdog aims to regulate stablecoins with global support after Terra/Luna demise

South Korean regulatory authorities were all set to regulate stablecoins after seeing the effect of the Terra/Luna crash. As per the local media report, the regulatory authority such as FSS (Financial Supervisory Service) has mentioned that the new Digital Asset Framework Act will deal with the happenings related to “non-security tokens,” while crypto assets which are named as securities will be liable to regulation under the provisions of the current financial investment services and Capital Markets Act.

Seoul also wants to move in sync with its global partners, especially when it comes to regulating stablecoins. Moreover, FSS and other regulatory bodies have insisted that policy should be shaped in a way that is consistent with overseas regulations.”

The head of the FSS, Lee Bok-hyeon  was cited as expressing that there was currently an agreement among controllers and policymakers that “the guideline of stablecoins” should need to be “strengthened.” Yet, Lee claimed that discussions “between worldwide regulatory authorities” on “different issues” relating to crypto assets were “progressing.”

Moreover, the top financial regulator, Financial Services Commission, also launched the digital asset private task force on August 17, with the end goal of making strategy proposals in front of the formulation of the new act.

Political pioneers are supposed to be confident of revealing the act before the end of the year.

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