"Democratic Party, speeding up legalization of Korean won stablecoin…aiming for passage at the March plenary session next year" (test)

The ruling party is said to be accelerating the legislative process by setting the timing for passage of a Korean won stablecoin bill for the March plenary session next year.

According to political circles on the 15th, the Democratic Party of Korea plans to submit the final bill related to the Korean won stablecoin in January next year, then aim to pass it at the March plenary session after going through National Assembly procedures such as a deliberation period and systematic and wording review. They intend to focus on coordinating contentious issues between the party and financial authorities until the end of the year.

Under the current National Assembly Act, new bills, unless urgent or for special reasons, must go through a minimum 20-day deliberation period before they can be submitted to a standing committee plenary meeting. Accordingly, if the Korean won stablecoin bill is submitted in January, actual standing committee review is likely to be possible only in late January or after February.

Moreover, the requirement that it must obtain approval at a plenary meeting of the Legislation and Judiciary Committee even if it clears the Political Affairs Committee is also cited as a factor limiting the speed of legislation. Nevertheless, the Democratic Party is said to be determined not to push the bill's processing past March.

Meanwhile, the reason the initial goal of passing it within the year has been delayed lies in differences with financial authorities. In particular, the gap between the party and financial authorities has not narrowed over who would issue the Korean won stablecoin and the policy consultation structure that would oversee issuance and distribution.

Also, while the Democratic Party takes the position that private issuance should be allowed to build a competitive system and induce innovation, the Bank of Korea and the Financial Services Commission emphasize forming a stable, bank-centered market and are opposed to that.