KRW1 comes before the regulatory environment anticipated by the South Korean Financial Services Commission (FSC). The officials will issue the stablecoin issue and distribution regulations at the start of the subsequent quarter.
Competitor bills are some of the bills already suggested by lawmakers, like those in July. The bills will detail the publication of stablecoins and the possibility of different banks and non-bank companies controlling them. The Virtual Asset Committee, established by the FSC in November 2024, will complete the next phase of regulation by the end of 2025.
The major banks, such as Shinhan, Hana, KB Financial Group, and Woori, have been talking to stablecoin issuers, including and Circle. It has been reported that they have met with the president of Circle, Heath Tarbert, in readiness for regulatory certainty in the local institutions.