South Korea Seeks Stablecoin Regulation by December Deadline

South Korea’s ruling Democratic Party is pressing for government action on stablecoin regulation, aiming to have new legislation submitted by December 10th. The party, led by Kang Jun-hyun, policy committee convener, has proposed a draft bill that would limit the issuance of fiat-pegged tokens to consortia with at least 51% ownership held by commercial banks. This initiative aims to harmonize the stances of the Bank of Korea, Financial Services Commission, and the banking sector. However, the proposal faces an uncertain future as the Financial Services Commission has indicated no final decisions have been made regarding this consortium structure.