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The South Korean financial regulatory agency will submit a stablecoin regulatory bill in October.
On August 18, according to The Block, the Financial Services Commission (FSC) of South Korea is expected to submit a stablecoin regulatory bill to the National Assembly in October. Park Min-kyu, a member of the ruling party, stated during a discussion on stablecoins on Monday that he has received a report from the FSC containing this plan. The bill will impose requirements on the issuance of stablecoins, collateral management, and internal risk control systems, and is expected to be included in the second set of digital asset legal frameworks currently being developed.