South Korea Ruling Party Pressures Lawmakers Over Delayed Stablecoin Bill
South Korea’s government and parliament have moved to advance stablecoin regulation, proposing majority bank-owned issuer consortiums, with completion targeted by January.
Fact Check
The evidence strongly and consistently supports the statement. Multiple sources with high relevance directly report on the ruling party's involvement in pushing for progress on a delayed stablecoin bill. One source explicitly states the ruling party is "demanding progress," another mentions an "ultimatum" was issued, and a third confirms "parts of the ruling party are involved in the pressure to advance the legislation." A fourth source notes that the stalled regulation was "specifically discussed with the ruling party" amid increasing pressure.Other authoritative sources corroborate the foundational elements of the claim, such as the existence of a delayed bill due to a 'turf battle' between regulators and the presence of a 'regulatory blind spot' that needs addressing. There are no contradictions in the provided evidence. The confluence of direct reporting from multiple, independent news outlets makes the statement highly credible.
Summary
On December 3, South Korea’s government and parliament advanced the second phase of the Digital Asset Basic Act, introducing a proposal requiring stablecoin issuers to be bank-owned consortiums holding at least a 51% bank stake. The bill is expected to be finalized by December 10 and is targeted for completion by January. The move reflects coordinated political and regulatory efforts to implement stricter oversight in the country’s growing stablecoin market.
Terms & Concepts
- Stablecoin: A type of cryptocurrency designed to maintain a stable value by pegging it to a reserve asset, such as the US dollar.