South Korea Advances Stablecoin Legislation and Institutional Crypto Access

South Korea’s Financial Services Commission is advancing stablecoin legislation alongside measures to allow institutional investors into the market, virtual asset division head Kim Seong-jin told a National Assembly meeting. According to Odaily, the commission said it aims to complete digital asset legislation within the year. If institutional entry is approved, a nine-year ban on financial companies holding equity in crypto businesses could be lifted this year, allowing banks, securities firms and other financial institutions to invest in virtual assets. Kim also said regulators are studying the introduction of stock market-style institutional brokers and over-the-counter intermediaries for the virtual asset market, while looking at the European Union’s approach to simplifying market-entry requirements for financial firms in closely related business areas.