Legislators Threaten to Bypass Regulators in South Korean Stablecoin Standoff
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South Korea’s ruling party has threatened to circumvent the Financial Services Commission (FSC) entirely.
The party has demanded the FSC submit a stablecoin regulation proposal by December 10, or face a rival bill drafted directly by lawmakers. Ruling party secretary Kang Jun-hyeon stated the objective is to pass the law in January.
The pressure tactic comes after discussions on a potential consortium model for stablecoin issuance involving the central bank and commercial banks.
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