South Korea pushes for draft stablecoin bill by Dec. 10 deadline

South Korean lawmakers, led by the ruling party, have issued a final notice demanding that financial regulators submit a draft stablecoin regulatory framework by December 10. If this deadline is missed, lawmaker Kang Joon-hyun stated they will proceed with legislation independently. If the bill is submitted on time, it is expected to be debated in the National Assembly in January 2026. Progress has been stalled by disagreements between the Bank of Korea (BOK) and other regulators, primarily concerning the required level of bank involvement in issuing Korean won-pegged stablecoins. The BOK favors a model where banks own at least 51% of the issuer due to their existing regulatory oversight and AML experience, while other regulators prefer a more diverse ecosystem. The Financial Services Commission (FSC) confirmed discussions occurred but stated no final decision was made on the bank-led consortium model.

(Source：Cointelegraph)