PANews reported on April 17 that the Financial Services Commission (FSC) of South Korea has reiterated its commitment to a smooth and timely development of a regulatory framework for stablecoins, according to the Daily News. Previously, the South Korean government announced plans to review the second phase of legislation for its broader virtual asset framework, with stablecoin regulation as a top priority. The FSC confirmed that it will stick to the original schedule and aims to draft the specific content of the second phase of regulation in the second half of this year. A dedicated working group composed of relevant government agencies will be responsible for organizing the process. The commission also stated that in view of the recent increase in market volatility, it will strengthen monitoring of the broader virtual asset market, including stablecoins. These efforts are aimed at strengthening the protection of cryptocurrency users.