Financial authorities set up a "stable coin discipline system"

Financial authorities have begun a two-stage legislative discussion to introduce a disclosure system related to virtual asset transactions and to establish a discipline system for stable coins, a cryptocurrency issued in conjunction with existing currencies such as dollars.

Kim So-young, vice chairman of the Financial Services Commission, emphasized the need for comprehensive and systematic discussions covering operators, markets, and users during the second virtual asset committee meeting.

During the second phase of legislative discussions, the financial authorities will also set up a discipline system for stablecoins, which have recently attracted attention due to the strong dollar.