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The process of creating a peace regime on the Korean Peninsula is based both on bilateral tracks (the most important ones are the US-DPRK and the North-South tracks) and multilateral ones. This process is deeply embedded in a framework that involves a larger number of players, including Russia, China and Japan, as well as the United Nations. The primary bilateral track is the US-DPRK dialogue, the history of which is dramatic; the unprecedented upturn in 2018 gave rise to many hopes that the peace regime may be achieved in exchange for denuclearization of the Korean Peninsula. North-South dialogue also played a crucial role. What are the reasons that bilateral attempts for a settlement have gone nowhere so far? As a result, North Korea might have passed a "point of no return" in its drive to reach a nuclear status. At the same time an uneasy confrontational stability has settled on the Peninsula, and paradoxically it, in fact, suits everyone as a lesser of evils. This balance might be institutionalized. A multilateral approach should be tested in order to reconcile the antagonists and create a system of multilateral guarantees for the implementation of agreements. Ideas on roadmap options and synchronizing of the steps to move to the new peace regime are suggested in the article. [ABSTRACT FROM AUTHOR]