South Korea's Financial Services Commission was unable to submit the bill regulating the Korean won stablecoin on time due to the need for more time f...
TL;DR
South Korea's Financial Services Commission missed the deadline to submit a won stablecoin regulation bill, citing the need for more time to coordinate with other agencies and preferring to announce the proposal alongside its submission to the National Assembly.
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PANews reported on December 14 that, according to DL News, South Korea's ruling party had previously called on various ministries and the Financial Services Commission (FSC) to submit a bill regulating the won stablecoin by December 10. However, the Financial Services Commission failed to submit the bill on time. A spokesperson for the agency stated that more time was needed to coordinate positions with relevant agencies, and rather than rushing to complete the proposal before the deadline, it would be better to announce the proposal at the same time as submitting it to the National Assembly.