CMC News

South Korea Sets Dec. 10 Deadline for Stablecoin Bill Draft

#SouthKorean lawmakers are pressing financial regulators to deliver a draft stablecoin bill by a deadline set for later this month, as disagreements over the role of banks continue to stall progress. The country's ruling party sent a last-minute notice to financial regulators to submit a stablecoin regulatory framework draft by Dec. 10.

Kang Joon-hyun, a lawmaker from the Democratic Party, stated that if the government bill does not arrive within this deadline, legislators will “take a drive through legislation by the secretary of the political affairs committee.” If delivered in time, he expects the bill will be discussed at the extraordinary session of the National Assembly in January 2026.

The Financial Services Commission later issued a statement saying no decision had been finalized regarding the formation of a consortium for issuing a Korean won-denominated #stablecoin. The regulator confirmed that stablecoin #regulation was discussed Monday during a ruling party-government consultation, with both sides agreeing to prepare the government bill as quickly as possible.

Despite earlier reports, no concrete decision has been made on matters such as allowing a consortium in which banks hold 51% or more of equity, according to the FSC. The news follows late November reports that South Korea is likely to end the year without a framework for locally issued stablecoins.

The Bank of Korea (#BOK) and other financial regulators clashed over the extent of banks' involvement in issuing Korean won-pegged stablecoins. The central bank expected banks to own at least 51% of any #stablecoin issuer seeking regulatory approval in the country, while regulators want a more diverse ecosystem.

A BOK official stated that banks are already under regulatory oversight and have extensive experience handling Anti-Money Laundering protocols, making them a good option for stablecoin issuers.