The Korea Financial Services Commission failed to submit the won stablecoin regulation bill by the government-set deadline.

2025-12-14 14:49:17

Deep Tide TechFlow News, December 14 — According to DL News, the Financial Services Commission (FSC) of South Korea failed to submit the regulation bill for Korean won-pegged stablecoins before the government’s December 10 deadline.

The ruling Democratic Party had previously requested various departments to submit relevant bills by that date and promised to introduce the legislation by the end of January 2026 to fulfill President Lee Jae-myung’s campaign pledge. An FSC spokesperson stated, “We are unable to submit the proposal within the required timeframe; the FSC needs more time to coordinate positions with relevant agencies.”

Currently, there is a serious disagreement between the Bank of Korea (BOK) and the FSC regarding stablecoin regulation. The BOK is concerned that allowing large tech companies to issue stablecoins could weaken its control over monetary policy and hopes to obtain veto and regulatory rights over stablecoin issuance approvals. The FSC believes its own approval process is sufficient and pointed out that stablecoin issuers in the EU and Japan are mainly fintech companies, with few global precedents for bank-led issuance.

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