The ruling party of South Korea has issued an ultimatum to financial regulators regarding the stalled stablecoin bill.

[The ruling party of South Korea has issued an ultimatum to financial regulators regarding the stalled stablecoin legislation] The ruling Democratic Party of Korea has issued an ultimatum to financial regulators, urging them to speed up the legislative process related to the country's stablecoin market. According to the Daily Economic News reported on Monday, the ruling party has notified the South Korean Financial Services Commission (FSC) to submit a government proposal for stablecoin regulation by December 10, clearly stating this as the “final requirement.” According to reports, Kang Jun-hyeon, a member of the South Korean National Assembly and a ruling party official in the National Assembly's Financial Services Commission, stated: “If the government fails to submit a plan by the deadline, I will push this matter through a proposal from the members of the committee.” The report pointed out that Jiang Junxian stated that the ruling party plans to introduce the bill during the current session of the National Assembly and aims to pass it in January next year.