South Korea's ruling party floor leader to sponsor stablecoin bill

The floor leadership of South Korea's ruling Democratic Party is set to directly pursue the institutionalization of stablecoins, the Korea Economic Daily reported. According to the National Assembly, Democratic Party floor leader Kim Byung-kee is preparing to sponsor a bill that would allow banks and fintech companies to issue stablecoins. The move is interpreted as an effort by the legislature to fill a regulatory vacuum, as South Korea's Financial Services Commission has been slow to draft its second-phase virtual asset legislation. Given the sponsorship by the party's floor leader, the initiative is widely seen as being advanced with the weight of official party policy.