Based on 36 Crypto, South Korea’s ruling Democratic Party has set a December 10 deadline for the Financial Services Commission (FSC) to submit a proposal for stablecoin regulation. The party warned that failure to meet the deadline could lead to a legislative push in the National Assembly. During a recent meeting, officials discussed forming a bank-led consortium to manage stablecoin issuance, with banks potentially holding over 50% of the shares. Separately, Japan is preparing new rules to protect crypto investors by requiring exchanges to maintain reserves for potential losses.
South Korea's Ruling Party Demands Stablecoin Regulation by December 10
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