[South Korea's Ruling Party Calls for Stablecoin Legislation, Requiring Commercial Banks to Hold at Least 51% Stake] Odaily Planet Daily News – South Korea's ruling Democratic Party has urged the government to submit new legislation by December 10 to regulate stablecoins pegged to the Korean won. Kang Jun-hyun, the convener of the Democratic Party's Policy Committee, stated that the draft bill would only allow alliances in which commercial banks hold at least a 51% stake to issue fiat-pegged tokens. Kang Jun-hyun said this move aims to align the positions of the Bank of Korea, the Financial Services Commission, and the banking industry. If the government fails to act, Kang Jun-hyun stated that the National Assembly would take the lead and push forward with the legislation. The proposal seeks to limit stablecoin issuance to alliances where commercial banks hold no less than a 51% stake, addressing long-standing disputes over the qualifications of issuers. However, the Financial Services Commission later issued a statement saying, 'No final decision has been made regarding the alliance proposal.' (DLnews)