South Korean lawmakers have pressed financial authorities to submit a draft stablecoin regulation bill by December 10, 2025. The demand comes after months of delays caused by disputes over banks’ involvement in issuing Korean won-pegged stablecoins.
According to Maeil Business Newspaper, the ruling party sent a final notice to the Financial Services Commission (FSC), requesting the bill’s submission by the deadline.
Lawmaker Kang Joon-hyun warned that if regulators fail to deliver, the Political Affairs Committee will move forward with its own legislation. The draft could be discussed at the National Assembly during an extraordinary session in January 2026.
The FSC later released a public statement confirming that discussions took place during a ruling party–government consultation. The regulator stated that both sides agreed to accelerate the bill’s preparation.
However, no decisions have been made on key structural issues, including whether banks must hold a 51% equity stake in stablecoin issuers.
Ongoing Disagreements Over Banking Sector’s Role
One of the main points of disagreement is whether banks should be required to take majority ownership of stablecoin issuers. The Bank of Korea has consistently warned that stablecoins issued without bank control could interfere with monetary policy and pose risks to financial stability.
Some lawmakers and the central bank support a requirement for banks to hold at least a 50% stake in any issuing consortium.
However, others, including segments of the ruling party and the FSC, argue this would hinder competition and innovation. They support broader participation from fintech and technology firms in the stablecoin market.
The FSC clarified that no final decision has been reached regarding the possibility of a consortium where banks hold 51% or more ownership.
Multiple Draft Bills Under Review
The National Assembly’s Political Affairs Committee is currently reviewing three separate draft bills related to stablecoins. These proposals include rules for issuance, collateral management, internal controls, and a minimum capital requirement of 5 billion won.
The draft bills differ on several issues, such as whether stablecoin issuers can offer interest on user holdings. These differences reflect the lack of consensus among policymakers on how to regulate this emerging sector.
Lawmakers have made clear that if regulators miss the December 10 deadline, they will take control of the legislative process.