The pace at which the global Web3 market is entering the regulatory sphere has been alarmingly fast recently. Following the US SEC’s temporary exemption for tokenized securities exchanges, Circle's launch of the Arc mainnet, and even news of CME Group’s launch of Bitcoin Cash and Uniswap futures, we are seeing convergence between traditional finance and on-chain infrastructure taking place across the board. Significant movements have now been spotted domestically as well.

Specifically, Kakao Pay and Kakao Bank have joined hands with digital asset custody firm Fireblocks. Following their collaboration with Circle last July, they are now embarking on a proof-of-concept to build infrastructure for stablecoin distribution. This is being interpreted as a practical move to preemptively secure global-level technical infrastructure rather than waiting indefinitely for regulatory frameworks to be finalized.

However, compared to this private sector speed, the domestic regulatory environment remains somewhat disappointing. In an internal assessment by the Financial Services Commission released ahead of the National Audit on October 6, the authorities classified their progress in establishing a regulatory framework for stablecoins as 'insufficient.' As global financial institutions rapidly expand their on-chain territory, calls for the actual institutionalization of domestic stablecoin and token securities regulations are expected to grow even louder during this National Audit.