South Korean Regulator Fails to Submit Won-backed Stablecoin Regulation Bill on Time

BlockBeats News, December 14, according to South Korean media Newsis, earlier this month, the ruling party of South Korea called on various ministries and the Financial Services Commission (FSC) to submit a South Korean won stablecoin regulation proposal by December 10. However, the FSC failed to submit the proposal on time. An FSC spokesperson stated that the FSC needed more time to coordinate its position with relevant agencies, and instead of rushing to submit the proposal before the deadline, it would be better to announce the proposal while submitting it to the National Assembly. The FSC described this move as a way to protect the public's right to know about the matter.