South Korea's Central Bank to Engage in Stablecoin Regulation Efforts

According to PANews, South Korea's central bank is set to actively participate in the formulation of stablecoin regulations to mitigate risks to monetary and financial stability. Stablecoins have the potential to impact monetary policy and transmit crypto-related risks to traditional financial markets. South Korea is developing a new legal framework focusing on stablecoin regulation and enhancing transparency in crypto services. Additionally, the central bank is testing its central bank digital currency (CBDC), with plans to conduct the second phase of trials in October.