The Chairman of the South Korean Financial Services Commission, Kim Byeong-hwan, stated that they will expedite the process of allowing legal entities to open virtual asset accounts and will formulate legislation for stablecoins. Previously, the omission of information regarding corporate accounts in the press release from the Virtual Assets Committee sparked speculation from the outside. Kim Byeong-hwan clarified that the committee has discussed related matters and will announce its position as soon as possible. Additionally, a separate regulatory framework will be established for stablecoins. Regarding sanctions on Upbit, he mentioned that they will consider the impact on users and believe it is necessary to reach a conclusion quickly.

PANews reported on January 22 that according to News1, Kim Byung-hwan, chairman of the Financial Services Commission of South Korea, said regarding allowing legal entities to invest in virtual assets: "The content of legal entity accounts was omitted from the press release issued by the Virtual Assets Committee (meeting) last week. Therefore, some people speculated whether it would not be promoted, but this is not the case. Since the committee has discussed the relevant content before, we will determine our position and announce it as soon as possible." He also said that a separate regulatory system will be established for stablecoins. Regarding the sanctions on Upbit, he said that he would consider the possible impact on users. He said: "Users may be affected or feel uneasy, and I think it is necessary to reach a conclusion as soon as possible."

South Korea Accelerates Legislation on Corporate Virtual Asset Accounts and Stablecoins