The ruling Democratic Party in South Korea stablecoin He made his final call to the government during the regulation process for the market. Maeil Economic NewsAccording to the news, the party gave the Financial Services Commission (FSC) until December 10 to submit the draft law. Otherwise, it was announced that the regulation would be brought to the Parliament directly on the initiative of the parliamentarians. The party plans to bring the bill to the agenda during the current legislative period and vote on it in January 2026.
Bank Consortium Model is on the Agenda
Party Secretary Kang Jun-hyeonIn the warning he sent to the FSC, he stated that they would not allow the process to be delayed any further. Kang said that if there is a delay, he will advance the legislation at the committee level with a parliamentary proposal. Party representatives met with FSC officials in a closed session on Monday and focused on a new structure in the stablecoin issuance model. At the meeting, the Central Bank, FSC and the banking sector will establish a joint consortium. stablecoin The option that would allow export was discussed.
In his statement, Kang stated that the draft stipulates that at least 50 percent of the shares in the consortium to be formed by banks will belong to banks. However, in a separate statement from the FSC, it was stated that no definitive agreement was reached at the meeting yet. The institution announced that studies are continuing to determine technical requirements and authority limits.
National Monetary Sovereignty Goal
Stablecoin regulation South Korean President Lee Jae MyungIt was one of the prominent topics in ‘s election campaign. Lee launched a won-denominated exchange rate to strengthen the country’s monetary sovereignty and offset the market dominance of US-based stablecoins pegged 1:1 to the dollar. cryptocurrency It had set the development of its market as a strategic goal.
However, no significant progress has been achieved in the legislative proposals prepared to date. The bank-centered issuance model debate reflects the Central Bank’s insistent stance on limiting the authority to issue stablecoins only to regulated banks. The new model aims to both protect financial security and open a limited but controlled space for private sector cryptocurrency innovations.
