The ruling Democratic Party of Korea is urging the government to submit a stablecoin bill before December 10, in order to pass the law in January.
According to Maeil Economic News, the party warns the Financial Services Commission (FSC) that if the government's proposal is not submitted on time, they will expedite the process of passing the bill initiated by lawmakers. In recent closed meetings, the parties discussed forming an alliance between the Bank of Korea, FSC, and banks to issue stablecoins, requiring banks to hold over 50% of the shares.
This effort aims to develop the stablecoin market for the South Korean won, safeguarding monetary sovereignty against the US dollar stablecoin, while previous bills have yet to make significant progress.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
