South Korea Advances Stablecoin Legislation as FSC and BOK Vie for Regulatory Control

South Korea's Financial Services Commission plans to submit a government-sponsored stablecoin bill by the end of 2025, competing with five proposals already under National Assembly review. The Bank of Korea released a stablecoin whitepaper on October 27 and is seeking a role in licensing and monitoring. Jurisdictional tensions have emerged as both institutions pursue oversight authority over the emerging market.