South Korea pushes for stablecoin legislation

The ruling Democratic Party of Korea is urging the government to submit a stablecoin bill before December 10, in order to pass the law in January.

According to Maeil Economic News, the party warns the Financial Services Commission (FSC) that if the government's proposal is not submitted on time, they will expedite the process of passing the bill initiated by lawmakers. In recent closed meetings, the parties discussed forming an alliance between the Bank of Korea, FSC, and banks to issue stablecoins, requiring banks to hold over 50% of the shares.

This effort aims to develop the stablecoin market for the South Korean won, safeguarding monetary sovereignty against the US dollar stablecoin, while previous bills have yet to make significant progress.