South Korea’s Ruling Party Sets Dec. 10 Deadline for Stablecoin Legislation

South Korea's political and financial authorities remain deadlocked over stablecoin regulation, prompting the ruling Democratic Party to issue an ultimatum. Legislators demand a government proposal by December 10, threatening to advance their own bill if regulators fail to act.

The core dispute centers on issuance rights, with discussions now focusing on a potential bank-led consortium model. This compromise WOULD involve private companies partnering with financial institutions, though banks would likely retain majority control. The Bank of Korea and Financial Services Commission continue to debate the appropriate regulatory framework.

With global stablecoin standards evolving rapidly, Korean lawmakers emphasize the urgency of establishing clear rules to maintain competitiveness in digital finance. The December 1 meeting at the National Assembly failed to produce consensus, setting the stage for potential legislative action before year-end.