South Korean Lawmakers Demand Stablecoin Bill by December 10th

Facing pressure from lawmakers, South Korea’s financial regulators are racing against time to deliver a stablecoin bill by December 10th. The deadline sets the stage for a tense standoff between banks and industry players over control of stablecoins. While banks favor a model where they hold majority ownership in KRW-denominated stablecoin issuers, other regulatory bodies prefer an open environment that doesn’t center banking institutions in every project. This clash threatens to delay crucial regulation for the nascent digital finance market in South Korea.