South Korea’s top financial regulator has missed a key deadline to submit a draft bill on stablecoin regulation, as lawmakers and government agencies remain divided over who should be permitted to issue the digital assets.
The Financial Services Commission (FSC) failed to deliver a legislative proposal by Dec. 10, a deadline set by the ruling Democratic Party of Korea. In comments reported by local outlet Newsis, the FSC said it needed more time to align its position with other relevant authorities.
A follow-up report from Yonhap Infomax said the Democratic Party’s Digital Asset Task Force (TF) is pushing back against the Bank of Korea’s (BOK) stance that stablecoin issuance should be limited to a consortium of banks holding at least a 51% stake in any issuer seeking domestic approval.
Bank-centered model draws criticism
“The Bank of Korea is advocating a bank-led consortium, but the special committee places the highest priority on innovation,” a lawmaker involved in the task force reportedly said, highlighting the need for legislation that supports technological progress.
The Bank of Korea has countered that if a bank-consortium framework is not clearly written into law, a separate policy coordination body would need to be created. Such a body — involving the Ministry of Strategy and Finance, the FSC, and the central bank — would be responsible for making unanimous decisions on stablecoin approvals and regulatory oversight.
“We broadly agree on the idea of a policy consultative body,” a task force member was quoted as saying, noting that requirements will be set around the timing of issuance approvals and that the central bank has pledged to cooperate on those matters.
“They appear to want the Bank of Korea’s perspective reflected in the approval and regulation of stablecoins, so coordination will be necessary,” the lawmaker added.
Draft stablecoin bill expected in early January
According to Newsis, the ruling party is expected to put forward a consolidated bill in January 2026, which could prompt the government to release its own proposal by early next month at the latest.
Consistent with that timeline, the Democratic Party is reportedly planning to discuss the final direction of the legislation at an advisory meeting with external members of the task force on Dec. 22.
With lawmakers and regulators working to resolve key sticking points — including the Bank of Korea–backed bank consortium requirement — the Democratic Party has taken a firm stance and may move ahead with its own legislation if consensus cannot be reached.
