FSS says stablecoins need old payment law as Korea's crypto bill stalls

The vice chairman of Dunamu, the operator of South Korea’s largest crypto exchange, Upbit, has expressed frustration with the pace of regulation in the country on the same day that the Financial Supervisory Service (FSS) proposed adapting its e-payment law to won stablecoins, as the specific legislation for issuers remains stalled. South Korean stablecoins have to run under e-payment law Speaking at a separate Seoul forum on stablecoin policy on the same day, the head of South Korea’s Financial Supervisory Service (FSS) electronic finance inspection bureau, Shim Eun-seop, said stablecoins used for payments in the country will have to adapt to the existing Electronic Financial Transactions Act. The FSS official made the proposal because the Digital Asset Basic Act that was supposed to govern them has still not passed.

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