South Korea’s Democratic Party Pushes for Stablecoin Regulation Deadline

South Korea's ruling Democratic Party has issued a final ultimatum to the government, demanding swift action on stablecoin regulations. The Financial Services Commission (FSC) must submit a draft bill by December 10th, or the party will advance the legislation through parliamentary initiative. The goal is to pass the proposal by January 2026.

Party Secretary Kang Jun-hyeon emphasized that delays will not be tolerated, warning of direct legislative action if the FSC misses the deadline. A closed-door meeting between party representatives and FSC officials explored a consortium model for stablecoin issuance, involving the Central Bank, FSC, and private banks. The proposed framework WOULD grant banks at least 50% ownership in the consortium.

The move underscores South Korea's push for monetary sovereignty in the digital asset space, aligning with global trends toward regulated stablecoin frameworks. No definitive agreements were reached, but the urgency signals a pivotal shift in the country's crypto policy.