South Korean lawmakers push for "domestic stablecoin": banks to hold more than half, set to launch before January next year.

[Chain News] South Korea is going to launch its own stablecoin. Lawmakers have set a deadline - the Basic Digital Asset Law must be fully implemented by January 2026.

This “Korean-style stablecoin” gameplay is quite interesting: it adopts a league system where banks must hold more than half (at least 51%), and technology companies can come in as minority shareholders. Kang Jun-hyeon from the Democratic Party has drawn a line with the finance department, stating that the government version of the proposal must be submitted by December 10.

He spoke quite directly: if your department suffers from procrastination, the legislators will write the proposal themselves to move it forward. It seems that this matter is imperative, and it remains to be seen whether it will be led by the government or if the legislative body will do it themselves.