South Korean government stablecoin proposal expected this month

The South Korean government is expected to release its proposal for stablecoin regulation this month as part of the second phase of its Digital Asset Basic Act, Edaily reported. On Dec. 11, Democratic Party lawmaker Ahn Do-geol told reporters that the Financial Services Commission (FSC) and the Bank of Korea (BOK) have nearly reached a compromise on two major points of contention: the designation of issuing entities and the composition and operation of a policy consultative body. Following a meeting of the ruling party's Digital Asset Task Force, Ahn said the government would be able to release its official proposal soon.