South Korea Tightens Grip on Stablecoins: December 10 Deadline Looms

South Korean lawmakers have set a tight deadline for the government to submit a stablecoin regulation bill, demanding action by December 10th. The Financial Services Commission (FSC) acknowledges ongoing discussions but emphasizes that no final decisions have been made regarding banks’ involvement in stablecoin issuance. This follows months of delays caused by conflicting views on whether banks or fintech firms should hold control over these cryptocurrencies.