TechFlow, December 14 — According to DL News, the South Korean Financial Services Commission (FSC) failed to submit its proposed regulation bill for a won-pegged stablecoin by the government's December 10 deadline.
The ruling Democratic Party had previously required all relevant ministries to submit related legislation by that date, pledging to introduce the bill by the end of January 2026 to fulfill President Lee Jae-myung’s campaign promise. An FSC spokesperson said, "We were unable to submit the proposal within the requested timeframe. The FSC needs more time to coordinate positions with relevant agencies."
Currently, there is a significant disagreement between the Bank of Korea (BOK) and the FSC over stablecoin regulation. The BOK is concerned that allowing large tech companies to issue stablecoins could undermine its control over monetary policy and wants veto power and regulatory authority over stablecoin issuance. The FSC, however, argues that its own approval process is sufficient and points out that stablecoin issuers in the EU and Japan are primarily fintech firms, noting a lack of global precedents for bank-led stablecoin issuance.
