South Korea Accelerates Stablecoin Regulation with Competing Legislative Proposals

South Korea's parliamentary push for stablecoin regulation has intensified with competing bills from opposing parties. Democratic Party lawmaker Ahn Do-geol introduced comprehensive legislation requiring 5 billion won ($3.7 million) in issuer capital, emphasizing inter-agency coordination between the Ministry of Economy and Bank of Korea. Meanwhile, People Power Party's Kim Eun-hye proposed alternative regulations permitting interest-bearing stablecoins with mandatory disclosure requirements.

The legislative momentum builds on June's Digital Asset Basic Act proposal by Democrat Min Byung-duk, which envisioned a presidential Digital Asset Committee. These developments signal growing institutional recognition of stablecoins' monetary-foreign exchange characteristics in Asia's fourth-largest economy.