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South Korean Regulator Misses Stablecoin Regulation Deadline Amid Government Tensions

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South Korea’s Financial Services Commission (FSC) has missed a December 10 deadline to submit a stablecoin regulation bill to the government. The FSC cited coordination delays and plans to release its proposal before year-end or early 2026. The Bank of Korea opposes private stablecoin issuance, pushing for 51% bank ownership in issuing groups. The FSC rejects this, citing global models where fintech leads. The delay could impact Countering the Financing of Terrorism efforts tied to digital assets.

Derived from DL News, South Korea’s Financial Services Commission (FSC) has missed a government deadline to submit a regulation bill for won-pegged stablecoins. The ruling Democratic Party had requested a proposal by December 10, but the FSC stated it needed more time to coordinate with relevant agencies. The FSC plans to announce its proposal soon, likely before the end of December or early January 2026. The delay comes amid tensions between the government and the Bank of Korea (BOK), which opposes allowing private firms to issue stablecoins. The BOK has proposed a law requiring domestic banks to hold at least 51% in stablecoin-issuing consortia, a stance the FSC has rejected, citing global precedents in the EU and Japan where fintech companies dominate stablecoin issuance.

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