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<ul>
 <li>South Korea urges quick stablecoin regulation ahead of December 10 deadline.</li>
 <li>Japan plans new rules to protect cryptocurrency investors from losses.</li>
 <li>South Korea discusses bank-led consortium for stablecoin issuance regulation.</li>
</ul>
South Korea’s ruling Democratic Party has given a firm deadline to the country’s financial authorities, urging them to expedite legislation for regulating the local stablecoin market. The party has requested that the Financial Services Commission (FSC) <a href="https://www.mk.co.kr/news/stock/11481608" target="_blank" rel="noopener noreferrer nofollow">submit a proposal for stablecoin regulation</a> by December 10, calling it a final demand. 
Kang Jun-hyeon, a lawmaker from the ruling party, emphasized that if the government fails to meet this deadline, he will push forward a bill through the National Assembly’s Financial Services Committee. 
Kang revealed that the ruling party aims to introduce the bill during the current session of the National Assembly, with plans to pass it by January. This push for legislation follows a meeting between members of the ruling party and the FSC on Monday. 
During the closed-door discussions, participants explored the possibility of forming a consortium involving the Bank of Korea, the FSC, and the banking sector to manage stablecoin issuance. One key point under consideration is the requirement that banks hold more than 50% of the consortium’s shares. However, no definitive agreements were made in the meeting. 
Also Read: <a href="https://36crypto.com/naver-financial-merges-with-dunamu-to-strengthen-south-koreas-digital-asset-market/" rel="noopener noreferrer nofollow">Naver Financial Merges with Dunamu to Strengthen South Korea’s Digital Asset Market</a> 
<h2 id="strong-plans-for-a-bank-led-consortium-to-regulate-stablecoin-issuance-strong">Plans for a Bank-Led Consortium to Regulate Stablecoin Issuance</h2>
President Lee Jae Myung has made developing a Korean won-based stablecoin market a priority, citing concerns over the dominance of U.S. dollar-backed stablecoins in global markets. This initiative is part of the president’s broader efforts to strengthen South Korea’s monetary sovereignty. 
Despite various lawmakers proposing regulatory frameworks for the local stablecoin market, progress has been slow, and significant action has yet to be taken. 
As the deadline approaches for the FSC’s stablecoin proposal, the discussions surrounding South Korea’s stablecoin market remain critical. If implemented, the legislation could provide the country with more control over its financial system, lessening reliance on foreign stablecoins while ensuring greater regulatory oversight over digital assets. 
<h2 id="strong-japan-takes-action-to-improve-crypto-investor-protections-strong">Japan Takes Action to Improve Crypto Investor Protections</h2>
Meanwhile, Japan is also advancing cryptocurrency regulations. According to Nikkei Asia, the Financial Services Agency (FSA) is <a href="https://36crypto.com/japans-financial-services-agency-to-strengthen-crypto-investor-protections/" target="_blank" rel="noopener noreferrer nofollow">preparing new rules to bolster protections</a> for crypto investors. 
The proposed regulations will require local crypto exchanges to maintain reserves against potential liabilities, aiming to ensure that customers are compensated in the event of security breaches or losses. 
Currently, while Japan’s crypto exchanges must store user deposits in cold wallets for added security, there are no legal requirements to maintain reserves for potential losses due to hacks or other breaches. 
This new legislation would address that gap by mandating exchanges to establish such reserves, offering an additional safeguard for investors in Japan’s growing cryptocurrency market. 
Also Read: <a href="https://36crypto.com/shiba-inu-shib-shows-signs-of-recovery-fueling-optimism-for-future-growth/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu (SHIB) Shows Signs of Recovery, Fueling Optimism for Future Growth</a> 
The post <a rel="noopener noreferrer nofollow" href="https://36crypto.com/south-koreas-ruling-party-sets-deadline-for-stablecoin-regulation-proposal/">South Korea’s Ruling Party Sets Deadline for Stablecoin Regulation Proposal</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://36crypto.com">36Crypto</a>.

South Korea’s Ruling Party Sets Deadline for Stablecoin Regulation Proposal

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