South Korea's ruling party to propose two separate stablecoin bills

South Korea's ruling Democratic Party is pursuing a two-track approach to stablecoin legislation by preparing two separate bills, Dailian reported. The first bill will align with the government's plan, reflecting the Financial Services Commission's proposal to permit issuance primarily through bank-led consortiums. Concurrently, the party's Digital Asset Task Force is drafting a separate, innovation-focused bill. This second proposal is a response to internal concerns that a bank-centric model is too restrictive and aims to allow a wider range of entities, such as fintech and blockchain companies, to issue stablecoins.