The South Korean Financial Supervisory Commission commissions research on global stablecoin legislation

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 anti money laundering (AML) measures for stablecoins on August 6th. FSC stated that the upcoming legislation is expected to include stablecoins in the regulatory framework, allowing them to be used for payments and cross-border transfers. This study will examine global regulatory approaches to stablecoins and investigate applicable anti money laundering and counter-terrorism financing (CFT) standards.