Korea's stablecoin regulation is finalized: banks hold 51%, results will be seen in January next year.

[BitPush] South Korea's stablecoin regulation has finally made substantial progress. The ruling party and the opposition have rarely reached a Consensus on the regulatory framework, with the goal of finalizing the complete “Basic Law on Digital Assets” by January next year.

This plan has a strong Korean characteristic - it has created a “Korean-style stablecoin” alliance model. In simple terms, banks must hold a controlling stake, with at least 51% of the shares, and technology companies can come in, but can only be minority shareholders. It is clear that the regulatory authorities still want to keep financial risks firmly in the hands of traditional banks.

However, time is quite tight. Democratic Party lawmaker Kang Jun-hyeon has directly issued an ultimatum to the financial authorities: submit the proposal by December 10, otherwise the lawmakers will do it themselves and push for an independent version. This coercive rhythm indicates that all parties want to finalize the bill before next year.