South Korea's Ruling Party Pushes for Stablecoin Regulation by December

According to Odaily, South Korea's ruling Democratic Party has urged the government to submit new legislation by December 10 to regulate stablecoins pegged to the Korean won. Kang Jun-hyun, the party's policy committee convener, stated that the draft bill would permit only consortia with at least 51% ownership by commercial banks to issue fiat-pegged tokens. This initiative aims to align the positions of the Bank of Korea, the Financial Services Commission, and the banking sector. Kang Jun-hyun warned that if the government fails to act, the National Assembly will take the lead in advancing the legislation. The proposal seeks to limit stablecoin issuance to consortia with a minimum 51% stake held by commercial banks, addressing longstanding disputes over issuer qualifications. However, the Financial Services Commission later issued a statement indicating that no final decisions have been made regarding the consortium proposal.