South Korea's financial regulators plan to advance stablecoin legislation in October.

Gate News bot message, according to The Block report, the South Korean Financial Services Commission plans to submit a stablecoin regulation bill to the legislative body this October. The bill will be part of the second phase digital asset legal framework, addressing requirements related to stablecoin issuance, collateral management, and risk control.

Meanwhile, the four major banks in South Korea may meet with Heath Tarbert, the president of USDC issuer Circle, next week to discuss stablecoin cooperation. It is worth noting that Japan is also expected to approve the issuance of its first yen stablecoin this autumn.