Overview
- Officials confirmed the bill’s timeline has slipped to next year after regulators failed to agree on who may issue won‑pegged stablecoins.
- The Bank of Korea is pressing for bank‑led consortia with at least 51% bank ownership, a position the Financial Services Commission rejects.
- FSC officials also pushed back on creating a new veto‑style licensing body for stablecoins, saying existing coordination is sufficient.
- Draft safeguards would require 100% reserves in bank deposits or government bonds held by licensed custodians, introduce no‑fault liability, and could reopen tightly controlled domestic ICOs.
- An earlier government draft would allow foreign stablecoins only with a local license and branch or subsidiary, while political leaders prepare alternative proposals and firms face prolonged uncertainty.