South Korea’s ruling party issues ultimatum on stalled stablecoin bill: report
South Korea's ruling party demanded financial authorities submit a stablecoin regulation proposal by December 10th or face a legislative bill.Summary
South Korea's ruling Democratic Party has issued an ultimatum to the Financial Services Commission (FSC), demanding the submission of a government proposal for stablecoin regulation by December 10th. Lawmaker Kang Jun-hyeon stated that if the deadline is missed, the party will advance the legislation through a legislator-initiated bill during the current National Assembly session, aiming for passage in January. Discussions have included a model where the Bank of Korea, FSC, and the banking sector form a consortium to issue stablecoins, potentially requiring banks to hold over 50% of the shares. This push is part of President Lee Jae Myung's initiative to develop a Korean won-stablecoin market to protect monetary sovereignty against the dominant U.S. dollar stablecoin market, although previous legislative efforts have stalled.
(Source：The Block)