South Korea Tightens the Regulatory Noose on Stablecoins with December Deadline

South Korea’s ruling party has issued a firm deadline to its financial authorities, demanding the submission of a stablecoin regulation proposal by December 10th. This push comes as part of a larger effort to regulate the local market and achieve greater control over its financial system. The Democratic Party aims to introduce this legislation through the National Assembly’s Financial Services Committee, with a target for passage before January. The party has also explored the possibility of forming a bank-led consortium to manage stablecoin issuance, but no definitive agreements were reached during a recent meeting.