Kim Byeong-hwan, chairman of the South Korean Financial Services Commission (FSC), stated that the country needs to take "swift" action to regulate stablecoins but is concerned about the "strength" of the U.S. dollar. Kim said, "I also believe that stablecoin regulation needs to be swiftly formulated, but we need to consider that the strength of the dollar is currently affected by potential macro factors, including the strong performance of the U.S. economy."
These remarks seem to indicate that the FSC is still expected to introduce stablecoin regulatory provisions later this year. Legislators and financial regulatory agencies are currently drafting the "second phase" of the Virtual Asset User Protection Act, a piece of cryptocurrency-related legislation set to take effect in mid-2024.
Cryptocurrency advocates hope that regulators will include provisions for stablecoin regulation in this new bill. Major companies in South Korea are eager to launch dollar-pegged stablecoins in the near future, with many concerned about falling behind their technological competitors in the U.S. and elsewhere in issuing stablecoins. However, regulators have been delaying on this issue, possibly due to ongoing political uncertainty surrounding the presidential office.
Yoon Han-hong, a member of the People Power Party and chairman of the National Assembly's Political Affairs Committee, stated, "To issue stablecoins, South Korean companies need to purchase U.S. Treasury bonds. This means they need to provide dollars to the federal government. This means dollars are flowing back to the U.S. government and essentially disappearing. But our financial regulators have been too dismissive of this concern." (Money Today)

Odaily Planet Daily News - The Chairman of the Financial Services Commission (FSC) of South Korea, Kim Byung-hwan, stated that the country needs to take "swift" action to regulate stablecoins, but expressed concerns over the "strength" of the U.S. dollar.  
Kim Byung-hwan said, "I also believe that stablecoin regulation needs to be established quickly, but we need to consider that the strength of the dollar is currently influenced by potential macro factors, including the strong performance of the U.S. economy."  
These remarks appear to indicate that the FSC still hopes to introduce stablecoin regulatory provisions later this year. Legislators and financial regulators are currently formulating the "second phase" of the Virtual Asset User Protection Act, which is cryptocurrency-related legislation set to take effect in mid-2024.  
Cryptocurrency advocates hope that regulatory agencies will incorporate provisions regarding stablecoin regulation into this new legislation. Major companies in South Korea are eager to launch dollar-pegged stablecoins in the near future, as many are concerned about falling behind their technological competitors in the U.S. and elsewhere in the issuance of stablecoins. However, regulators have been delayed on this issue, possibly due to ongoing political uncertainty surrounding the presidential position.  
Yoon Han-hong, a member of the People Power Party and Chairman of the National Assembly's Political Affairs Committee, stated, "To issue stablecoins, South Korean companies need to purchase U.S. Treasury bonds. This means they need to provide U.S. dollars to the federal government. It implies that dollars are flowing back to the U.S. government and essentially disappearing. But our financial regulators have been too dismissive of this concern." (Money Today)

The chairman of the Korean Financial Services Commission supports the swift development of stablecoin regulatory policies but expresses concerns over the strong performance of the US dollar.