CoinVoice recently learned that on July 21, according to News1, the Financial Services Commission of South Korea began the second phase of legislation, is developing a stablecoin regulatory system, and began to review the establishment of a virtual asset disclosure system. The reviewed plan must be reported to the Standing Committee of the Political Affairs Committee of the National Assembly before the implementation of the Virtual Asset User Protection Act in July 2024.

The second phase of legislation will be developed based on the opinions of the Financial Services Committee, which will include regulations related to the issuance of virtual assets and the regulatory regime for types of virtual assets. Through this research service, the Financial Services Committee will review ways to resolve conflicts of interest arising from the issuance and distribution of virtual assets by virtual asset operators.

In addition, it also plans to establish a regulatory system based on the type of virtual assets, such as stablecoins with fixed prices, as well as security tokens and utility tokens. At the same time, it will also formulate regulatory systems for virtual asset evaluation business, consulting business, public disclosure business, etc., and review plans to establish a system that can provide comprehensive market prices and comprehensive information disclosure based on relevant systems. [Original link]