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South Korea FSC Delays Won Stablecoin Regulatory Bill Submission

South Korea FSC Delays Won Stablecoin Regulatory Bill Submission

Parliamentary resistance challenges South Korea’s plan for bank-issued won stablecoins, prompting stricter exchange rules and new capital requirements backed by the FSC and central bank.

Fact Check
The statement is assessed as highly likely to be true based on a strong consensus across multiple high-authority primary sources. Several major South Korean news outlets, including Daum, Hankyung, and Chosun Biz, explicitly report that the government's bill on won-pegged stablecoins has been delayed or postponed. The sources confirm that the Financial Services Commission (FSC) failed to meet a submission deadline of around December 10th for the draft legislation. One source directly states the FSC officially communicated to the National Assembly that submitting the bill on time was 'difficult.' The reason for this delay is consistently attributed to an ongoing disagreement and 'clash' between the FSC and the Bank of Korea (BOK) over key regulatory details, such as issuance standards and supervisory authority. The evidence is direct, consistent, and comes from credible sources. There is no contradictory evidence among the relevant materials provided; one source was discarded as completely irrelevant.
Summary

South Korea’s proposal to allow banks to issue won-backed stablecoins is encountering opposition in parliament. The Financial Services Commission now supports the central bank’s plan to restrict issuance to alliances with a majority bank stake. The proposal also includes tightening rules for cryptocurrency exchanges and setting a 5 billion won minimum capital requirement for stablecoin issuers. These measures follow earlier delays in submitting the regulatory bill, which the FSC postponed beyond the Dec. 10 deadline due to ongoing inter-agency coordination.

Terms & Concepts
  • Financial Services Commission (FSC): South Korea’s primary financial regulator overseeing banking, securities, and digital asset policies.
  • Stablecoin: A cryptocurrency designed to maintain a stable value by pegging to a reserve asset such as a fiat currency.