[South Korea Plans to Legalize Crypto Market Makers, Following JPYC's Over 3x Surge on Upbit] According to a report by Crypto Briefing on September 28, as cited by Jinse Finance, the Japanese yen-pegged stablecoin JPYC was listed on Upbit on September 17. It opened at approximately 12 KRW and surged to 37.6 KRW within a few hours, marking an increase of over threefold compared to its reference price. The primary reason is that South Korea's 'Virtual Asset User Protection Act' currently considers market making as potential market manipulation, prohibiting professional liquidity providers from participating and thereby preventing volatility stabilization. In its initial phase, Upbit accounted for over 54% of JPYC's global spot trading volume, with total trading exceeding 2.4 trillion KRW. More than 21,219 investors purchased JPYC at a premium exceeding 10%, involving approximately 260 billion KRW. As of September 21, 3,792 investors still held open positions, with unrealized losses nearing 5 billion KRW. This incident has prompted Seoul to push the Financial Services Commission (FSC) to legalize market making, incorporating it into the proposed 'Basic Act on Digital Assets.'