According to ChainCatcher, South Korea's ruling Democratic Party has requested the government to submit a new bill by December 10th to regulate stablecoins pegged to the Korean won. Kang Jun-hyun, convener of the Democratic Party's Political Affairs Committee, stated that the draft bill would only allow consortia with at least 51% commercial bank ownership to issue fiat-pegged tokens.
Kang Jun-hyun stated that this move aims to reconcile the positions of the Bank of Korea, the Financial Services Commission, and the banking industry. If the government fails to act, Kang Jun-hyun said the National Assembly will lead and advance legislation. The proposal restricts stablecoin issuance to consortia where commercial banks hold at least 51% of the shares, resolving long-standing disputes regarding the eligibility of issuers. However, the Financial Services Commission subsequently issued a statement saying, "Nothing has been finalized regarding the consortium proposal."
