Ruling party, regulators to finalize won stablecoin bill on Jan. 20

South Korea's ruling Democratic Party and financial authorities will hold a closed-door meeting on Jan. 20 to finalize the Digital Asset Basic Act, which aims to legislate a won-pegged stablecoin by March of this year, DataNews reported. According to the report on Jan. 14, a key point of contention is the eligibility criteria for issuers. Financial authorities, citing market stability, are advocating for a plan to grant initial issuance rights to consortiums in which a bank holds a majority stake of over 50%. However, the Democratic Party's digital asset task force opposes this structure, and a final agreement is expected to be reached at the meeting.