The ruling party of South Korea demands the advancement of the stablecoin bill, requiring commercial banks to hold at least 51% of the shares.

CoinVoice has recently learned that the ruling Democratic Party of Korea has requested the government to submit a new bill by December 10 to regulate stablecoins pegged to the Korean won. Kang Jun-hyun, the chairperson of the Democratic Party's political affairs committee, stated that the draft bill will only allow alliances with commercial banks holding at least 51% of the shares to issue fiat-pegged Tokens. Kang Jun-hyun mentioned that this move aims to coordinate the positions of the Bank of Korea, the Financial Services Commission, and the banking industry. If the government fails to take action, Kang Jun-hyun said the National Assembly will take the lead and promote legislation. The proposal limits the issuance of stablecoins to alliances with commercial banks holding no less than 51% of the shares, in order to address long-standing disputes over the qualifications of issuing entities. However, the Financial Services Commission later issued a statement saying, “Regarding the alliance proposal, nothing has been finalized yet.”