South Korea is accelerating its efforts to regulate virtual asset accounts for corporations and stablecoins. The Financial Services Commission (FSC) Chairman, Kim Byung-hwan, announced that the authorities will soon reveal their stance on corporate virtual asset accounts. The FSC is closely monitoring global developments, particularly in the US, and aims to align with international trends while ensuring industry growth and investor protection. The FSC is also entering "Stage 2" of legislation, focusing on the issuance and listing of stablecoins and other virtual assets. Additionally, the Financial Intelligence Unit is reviewing sanctions against Upbit, a leading South Korean cryptocurrency exchange, for violating Know Your Customer regulations. The authorities are prioritizing a swift resolution to minimize disruption for Upbit's users.



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