South Korea Sets December 10 Deadline for Stablecoin Regulation Draft
South Korea's lawmakers have imposed a December 10 deadline for financial regulators to deliver a stablecoin bill draft, threatening to legislate independently if unmet. The Bank of Korea (BOK) insists banks should hold majority stakes in stablecoin issuers, while other regulators advocate alternative structures. This regulatory clash has stalled progress.
The push reflects South Korea's strategic positioning in digital asset governance. Stablecoin regulation is viewed as a prerequisite for broader cryptocurrency adoption, with potential ripple effects across global markets. The BOK's bank-centric proposal lacks clear rationale according to critics, exacerbating tensions.
Market observers note the December deadline coincides with peak legislative activity, suggesting political urgency. The outcome could establish precedents for bank involvement in digital assets—a contentious issue worldwide.
