Won-Pegged Stablecoin Government Bill Hits Last-Minute Snag

The ruling Democratic Party of Korea has issued a final notice to the Financial Services Commission (FSC) demanding submission of the government's stablecoin bill before a Digital Asset Task Force meeting scheduled for January 11. The deadline was extended after it became clear the government would miss the originally proposed timeline.

According to financial industry sources on January 10, the Democratic Party requested the FSC submit the government's second-phase digital asset legislation containing stablecoin regulations before the task force meeting begins at 9 a.m. on January 11. "The deadline was pushed back as disagreements among related agencies on key issues appeared to make it difficult to submit the government bill on time," a Democratic Party Digital Asset TF official explained.

The Democratic Party plans to proceed with the January 11 TF meeting regardless of whether the bill is submitted. If the government bill is submitted even late, the party will review it, but if no submission is made, legislators plan to discuss alternative measures including lawmaker-initiated legislation. Rep. Min Byung-duk, a TF member, stated at a seminar titled "Digital Assets and Financial Consumer Protection" held at the National Assembly that day, "Starting tomorrow, the National Assembly will discuss the Digital Asset Framework Act in earnest."

The industry is continuing behind-the-scenes preparations. The Open Blockchain & DID Association (OBDIA), which had been leading joint issuance efforts centered on banks, held its first "Stablecoin Ecosystem Working Group" meeting on that day, expanding participation to include payment, distribution, and information technology companies. The meeting was held in private, and IT companies reportedly presented on technology-related matters.