South Korea's Financial Services Commission (FSC) is accelerating efforts to legislate stablecoin regulations as part of the second phase of the Digital Asset Basic Act. Kim Sung-jin, head of the FSC's Virtual Asset Division, announced during a parliamentary meeting that the government aims to finalize digital asset legislation by the end of the year. The FSC is also considering lifting a nine-year ban on financial institutions holding equity in cryptocurrency companies, potentially allowing banks and securities firms to invest in virtual assets. Additionally, the FSC is exploring the introduction of institutional brokerage and over-the-counter intermediary mechanisms for the virtual asset market, drawing on EU practices to ease entry requirements for financial institutions.