South Korean lawmakers set December 10 as the deadline for the stablecoin bill, while the dispute over banking control hampers its progress. Regulators and the central bank disagree on the framework.
South Korean lawmakers have issued an ultimatum to financial regulators. The ruling party demands a stablecoin bill before December 10 and threatens to push its own legislation if regulators do not meet the deadline.
Democratic Party legislator Kang Joon-hyun made his stance clear. If the government does not comply, the Political Affairs Committee will draft its own proposal. The legislation could reach the full National Assembly during a special session in January 2026.
The Financial Services Commission responded on Monday with measured language. The regulator stated that no final decisions have been made regarding the issuance structures of stablecoins.
Officials confirmed that discussions took place during a meeting between the ruling party and the government. Both parties agreed to expedite the drafting process.
The FSC explicitly denied earlier reports about banking requirements. Claims that banks must own at least 51% of the capital in stablecoin consortia remain unconfirmed. The regulator emphasized that these details are still under review.
The dispute centers on the degree of control that banks should have over the issuance of stablecoins. The Bank of Korea wants traditional financial institutions to take the reins. The central bank argues that banks already operate under strict regulatory oversight. Their experience with anti-money laundering protocols makes them ideal candidates.
