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Korea Sets Deadline for Government Stablecoin Bill
South Korea’s ruling Democratic Party is intensifying pressure on financial authorities, demanding swift progress on legislation to establish a regulated domestic stablecoin market. The party’s push reflects growing urgency to introduce a Korean won-based stablecoin framework amid rising concerns over dependence on U.S. dollar-denominated digital assets.
Final Deadline Issued to Financial Services Commission
According to a report published Monday by Maeil Economic News, the Democratic Party has formally notified the Financial Services Commission (FSC) to submit a government-backed proposal for stablecoin regulation by December 10. The outlet described the request as a final ultimatum.
“If the government plan doesn’t come by this deadline, I will drive it forward through a legislator-initiated bill at the committee secretary level,” said ruling party lawmaker Kang Jun-hyeon, who also serves as secretary of the National Assembly’s Financial Services Committee.
Kang noted that the party intends to introduce the bill during the current regular National Assembly session, with the goal of passing the legislation in January.
Closed-Door Meeting Reveals Possible Consortium Model
The report states that party members of the Financial Services Committee held a closed-door meeting Monday with FSC officials to review policy options. Kang told Maeil that authorities are evaluating a model in which the Bank of Korea (BoK), the FSC, and the domestic banking sector jointly form a consortium to issue stablecoins.
Discussions have advanced to the point of debating specific requirements, including a rule that banks collectively hold more than 50% of the consortium’s shares. Despite the progress, the FSC later clarified in a statement that no formal agreement had been reached.
Political Momentum for a Won-Based Stablecoin
Interest in creating a local stablecoin ecosystem has grown since President Lee Jae Myung, elected earlier this year, declared the development of a Korean won-stablecoin market as a priority initiative. His administration views a domestic stablecoin framework as essential to protecting monetary sovereignty, especially as U.S. dollar-backed stablecoins continue to dominate global markets.
Although several lawmakers have previously submitted proposals related to stablecoin oversight, meaningful legislative movement has been limited. The bank-led consortium model currently under review reflects the Bank of Korea’s long-held stance that only regulated banks should be permitted to issue stablecoins.
