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The South Korean government is accelerating stablecoin legislation and is considering lifting the ban on financial institutions holding equity in crypto companies.

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PANews July 23, according to Edaily, in a parliamentary session, Geum Seong-jin, head of the Virtual Assets Division of the Financial Services Commission of South Korea, said that the government is advancing, in parallel, stablecoin-related legislation (the second phase of the Digital Asset Basic Act) and facilitating institutional investor entry. The Financial Services Commission pledged to complete digital asset legislation within the year. If institutional entry can be realized, a ban on financial companies holding crypto companies’ equity that has been in place for 9 years (administrative guidance since 2017) is expected to be lifted this year, allowing financial institutions such as banks and securities firms to participate in virtual asset investments. The division head also revealed that it is studying introducing, into the virtual asset market, mechanisms for institutional brokers and over-the-counter intermediaries similar to those in the stock market, and, by referring to the practices of the EU, simplifying the entry requirements for financial institutions into the virtual asset industry in business areas with functions similar to those of the EU.
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