South Korean regulators failed to submit a bill regulating the Korean won stablecoin on time.

According to Mars Finance, on December 14th, South Korean media outlet Newsis reported that earlier this month, South Korea's ruling party called on various ministries and the Financial Services Commission (FSC) to submit a bill regulating the Korean won stablecoin by December 10th. However, the FSC failed to submit the bill on time. An FSC spokesperson stated that the FSC needed more time to coordinate its position with relevant agencies, and rather than rushing to complete the proposal before the deadline, it was better to publish its proposal at the same time as submitting it to the National Assembly. The FSC stated that this move was to protect the public's right to know about the matter.