South Korean regulators failed to submit a bill regulating the Korean won stablecoin on time.
TL;DR
South Korea's Financial Services Commission missed the deadline to submit a bill regulating Korean won stablecoins, citing the need for more time to coordinate with agencies and ensure public transparency.
According to ChainCatcher, citing Newsis, earlier this month, South Korea's ruling party called on various ministries and the Financial Services Commission (FSC) to submit a bill regulating Korean won stablecoins by December 10, but the FSC failed to submit the bill on time.
An FSC spokesperson stated that the FSC needs more time to coordinate its position with relevant agencies, and rather than rushing to complete the proposal before the deadline, it would be better to publish it at the same time as submitting the bill to the National Assembly. The FSC stated that this move was to protect the public's right to know about the matter.