South Korea Accelerates Legislation on Corporate Virtual Asset Accounts and Stablecoins

The Chairman of the South Korean Financial Services Commission, Kim Byeong-hwan, stated that they will expedite the process of allowing legal entities to open virtual asset accounts and will formulate legislation for stablecoins. Previously, the omission of information regarding corporate accounts in the press release from the Virtual Assets Committee sparked speculation from the outside. Kim Byeong-hwan clarified that the committee has discussed related matters and will announce its position as soon as possible. Additionally, a separate regulatory framework will be established for stablecoins. Regarding sanctions on Upbit, he mentioned that they will consider the impact on users and believe it is necessary to reach a conclusion quickly.