A significant dispute has emerged between the Financial Services Commission (FSC) and the Bank of Korea over the regulation of won-pegged stablecoins, causing a delay in the submission of crucial legislation. According to the results published in the material, this disagreement could have far-reaching implications for the future of virtual assets in South Korea.
Delay in Submission of Phase 2 Virtual Asset Bill
The government was expected to submit the Phase 2 Virtual Asset Bill to the National Assembly by Wednesday, but the ongoing conflict has postponed this timeline. The Democratic Party of Korea had previously set a deadline of December 10 for the legislation, following discussions on December 1.
Dispute Over Stablecoin Issuer Requirements
At the heart of the dispute is the central bank's proposal that banks should hold a 50% stake in stablecoin issuers. In contrast, new suggestions indicate that only consortia with commercial banks holding at least a 51% stake should be allowed to issue won-based stablecoins. The FSC has not endorsed this consortium model and has dismissed the 51% stake requirement.
Concerns Over Legislative Delays
As the clash between the FSC and the Bank of Korea continues, there is a growing concern that this could delay the legislative process further. This delay could potentially sideline other important bills that lawmakers are eager to advance.
In light of the ongoing regulatory disputes in South Korea, Bybit has announced the delisting of the OBOLUSDT Perpetual Contract, effective December 12, 2025. This decision highlights the exchange's focus on risk management and liquidity. For more details, see read more.
