Korea's stablecoin regulation bill faces setbacks? FSC says more time is needed to coordinate positions

【BitPush】South Korea’s ruling party urged various ministries to accelerate the development of a regulatory framework for the won stablecoin earlier this month. They set a hard deadline for the Financial Services Commission (FSC)—December 10th. So what happened? The deadline passed, and the FSC still hasn’t submitted the plan.

The FSC’s stance is very clear: it’s not that they don’t want to do it, but they need to repeatedly discuss and fully coordinate with relevant agencies to justify their positions. Instead of rushing to meet the deadline, they prefer to make the plan more rigorous. Their plan is to publish detailed proposal contents simultaneously when they formally submit the bill to the National Assembly.

An FSC spokesperson emphasized that the core reason for this approach is to protect the public’s right to information. In other words, stablecoin regulation concerns ordinary people’s wallets, so the government must ensure everyone fully understands its approach. This move reflects that countries are still exploring stablecoin regulations—aiming to prevent risks while respecting market and public participation.