South Korea is approaching the moment when the issue of stablecoin regulation stops being a technical topic for committees and turns into a political ultimatum. The ruling Democratic Party has given financial regulators a strict deadline — by December 10, they must present the final version of the bill on the national stablecoin market.
The party warns that if the government delays again, the initiative will go directly through parliament. This is no longer a discussion of concepts, but an attempt to push the law through at any cost.
Political deadline for regulators
According to Maeil Economic News, a representative of the ruling party, Kang Joon Hyun, stated that December 10 is the final point. If the bill is not submitted by the cabinet by this date, he will personally submit the bill on behalf of the parliamentary body.
The party wants to pass the document through parliament during the current session and achieve full adoption in January. The pace is extremely aggressive, considering that discussions about the local stablecoin infrastructure have dragged on in the country without progress for almost the entire year.
Discussions are held behind closed doors
On Monday, representatives of the Democratic Party held a closed meeting with the Financial Services Commission (FSC). According to sources, they discussed a new architecture for the Korean stablecoin — a consortium model that could be formed by the Bank of Korea, FSC, and the country’s leading banks.
One of the options: banks must own a controlling stake — at least 50 percent. This reliably secures the issuance of the digital asset to strictly regulated institutions, leaving no room for private issuers. However, the FSC later clarified that no final decisions have been made.
Why the situation became urgent
After the election of President Lee Jae Myung, the creation of a national stablecoin became part of the political agenda. The goal is to form a stablecoin market denominated in the Korean won, which can compete with dollar-based counterparts and protect the country’s monetary sovereignty.
The problem is simple: today, the market is dominated by dollar stablecoins, which means that a significant part of the digital economy is effectively tied to US monetary policy. Seoul sees this as a risk and wants to issue a regulated stablecoin to capture part of the turnover.
Despite several lawmakers proposing separate bills, none have yet reached full consideration.
Banks are expected to play a key role
The model currently being studied by the authorities is fully focused on the banking sector: the issuance of the stablecoin is expected to be given not to crypto companies, but to a banking consortium under state supervision.
The Bank of Korea has long advocated this approach. According to the regulator, only banks with capital, reserves, and oversight are able to issue stablecoins while maintaining financial stability.
What’s next?
The likelihood that the government will have time to prepare the text by December 10 remains in question. However, pressure from parliament is increasing, and the bill may be submitted even without the cabinet’s participation.
If the process really speeds up, South Korea could become one of the first major economies to create a strictly regulated infrastructure for a national stablecoin. This will directly affect the balance in the global digital currency market.
Read more: Bitcoin holds key zone: analysts do not expect a drop below 55 thousand
