News1 reported that financial authorities will strengthen consultations with relevant institutions, including the Bank of Korea and the Ministry of Economy and Finance, in the process of preparing legislative proposals for the institutionalization of KRW stablecoins. Yu Won-gyu, an official from the Financial Services Commission's Virtual Assets Division, stated at a forum held on the 29th, hosted by National Assembly member Kim Hyun-jung of the Democratic Party of Korea, titled 'Future Governance and Market Ecosystem Establishment Plans for KRW Stablecoins Through Overseas Cases', "It seems there is significant consensus on the need for a consultative body where the FSC, MOEF, and Bank of Korea can consult together," and "We are discussing moving forward with the legislative proposal in a direction that allows for close consultation on related policies by forming such a consultative body." Official Yu added, "We will support the preparation of legislative proposals by operating with customer assets separated and considering various mechanisms such as insolvency remoteness, to ensure that even if there are problems with the institution, there are no issues with customers receiving their money back."
