South Korea's Financial Supervisory Service commissions research on global stablecoin legislation

PANews reported on August 7 that according to News1, the Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) of South Korea commissioned a study on the second phase of virtual asset legislation and stablecoin anti-money laundering (AML) measures on August 6.

The FSC said that the upcoming legislation is expected to bring stablecoins into the regulatory framework, allowing them to be used for payments and cross-border transfers. The study will review global regulatory approaches to stablecoins and examine applicable anti-money laundering and countering the financing of terrorism (CFT) standards.