SOUTH KOREA MISSES DEADLINE FOR STABLECOIN REGULATION

Summary from the TLDR Crypto newsletter

South Korea's Financial Services Commission missed the December 10 deadline for submitting won-pegged stablecoin regulation as tensions escalate with the Bank of Korea demanding veto power over issuance approvals and requiring bank-led consortia to hold 51%+ stakes in issuing entities. The FSC rejected both demands, citing a lack of global precedents and pointing to the EU and Japan, where fintech firms dominate issuance, while all cryptocurrency and stablecoin issuance remains illegal on South Korean territory. The ruling Democratic Party committed to introducing legislation by the end of January 2026, per President Lee Jae-myung's manifesto promises.