South Korean lawmakers press regulators for a stablecoin bill draft by December 10. Disagreements over the role of banks continue to delay progress.
South Korean lawmakers are pressing financial regulators to draft a stablecoin bill by a deadline set for later this month. Disagreements over the role of banks, furthermore, are still stalling progress.
Regulators Face December 10 Deadline Amid Delays
According to a Monday report by the local news outlet Maeil Business Newspaper, South Korea’s ruling party sent a “last minute notification.” This requires financial regulators to submit a stablecoin regulatory framework draft by December 10. The ultimatum is a manifestation of increasing legislative impatience.
Kang Joon-hyun, a Democratic Party lawmaker, threw out a firm warning. He said, “If the government bill does not come over within this deadline, we will take a drive through legislation by the secretary of the political affairs committee.”
If it is delivered in time, he expects the bill will be discussed. This will be at the extraordinary session of the National Assembly. This session is planned to be held in January 2026. The deadline is an attempt to speed up the long-stalled process.
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South Korean lawmakers have put financial regulators under pressure. They require a stablecoin bill to be submitted by Dec. 10, 2025. Ruling party member Kang Joon-hyun threatened independent legislative action. This will occur amid the failure of the regulators to meet the deadline.
A major factor that has contributed to the delay has been ongoing disagreements. This is between the Bank of Korea (BOK) and the Financial Services Commission (FSC). The central bank and financial regulator are still in conflict.
The BOK insists that the banks should have a majority stake. This has to be at least 51% in any stablecoin issuer. This position uses financial stability concerns as an excuse. Existing regulatory oversight is provided by banks.
On the contrary, the FSC regards stablecoins as virtual assets. It is more open to participation by a greater number of firms. This regulatory conflict revolves around a tradeoff between financial stability and innovation in the industry.
Disagreement Over Bank Ownership Stalls Legislation
In November 2025, it was reported that the Political Affairs Committee of the National Assembly was reviewing three different bills. These bills all have to do with stablecoin issuance. This complexity makes it more difficult to reach a consensus.
There is a substantial amount of domestic market demand for stablecoins. USD-pegged stablecoins reached 56.95 trillion won in trading volume. This was in the first quarter of 2025. This is a demand that highlights the urgency of having a proper framework.
Lawmakers and President Lee Jae-myung have said there is a need. This is for a won-based stablecoin. They believe that it will save the national wealth. This prevents the possibility of capital leaking abroad to foreign pegged assets.
The BOK says that the permission to non-bank firms to issue stablecoins poses risks. It says this could undermine existing regulations. It also equates stablecoins with deposit-taking instruments.
Therefore, the central bank pushes banks to take the lead by banks. Their current experience in anti-money laundering protocols is said to be crucial. This ensures following the financial best practices. The FSC, however, is an advocate of a more diverse ecosystem. It strives to promote innovation. It sees the BOK’s insistence on majority bank ownership as potentially stifling competition.
The December 10 deadline is a sure sign of legislative intent. It puts pressure on regulators to overcome their basic disagreements. Failure to comply, however, will result in unilateral legislative action. This will ultimately shape South Korea‘s digital asset future.