🌍🇰🇷 South Korea’s Stablecoin Saga: A Cosmic Deadline Approaches ⏳💸

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South Korean lawmakers, in a desperate bid to avoid the cosmic horror of unregulated stablecoins, have reportedly begun harassing financial regulators like a persistent telemarketer on a Monday morning 🚀💥. The ruling party’s “last-minute cosmic memo” demands a draft bill by Dec. 10, or they’ll just, like, legislate it themselves over a cup of coffee ☕.

Kang Joon-hyun, a Democratic Party lawmaker, ominously declared that if the bill isn’t delivered on time, “we’ll take a drive through legislation by the secretary of the political affairs committee.” Because nothing says “democratic process” like a midnight drive-thru 🚗💨.

The Financial Services Commission (FSC), meanwhile, issued a statement so vague it could’ve been written by a cryptic oracle 🧙♂️. “No decision has been finalized,” they whined, like a toddler denied dessert. But hey, at least they’re preparing the bill “as quickly as possible”! 🚀

No agreement yet on bank-led model

Despite rumors, the FSC insists “no concrete decision” has been made about letting banks own 51%+ of stablecoin issuers. Spoiler: They’re still arguing over whether banks should run stablecoins like they’re auditioning for a role in a financial soap opera 🎭.

The Bank of Korea (BOK) argues banks are “already under regulatory oversight,” which is like saying a goldfish is qualified to audit a submarine 🐠💣. Regulators want a “more diverse ecosystem,” because why not let tech bros and crypto anarchists join the chaos? 🤖🔥

Why a majority bank ownership?

A BOK official claimed banks are “experienced in anti-money laundering protocols,” which is rich, considering they’re also the reason your grandma’s savings account earns 0.01% interest 📉. Meanwhile, Sangmin Seo of the Kaia DLT Foundation called the central bank’s logic “as logical as a screen door on a submarine” 🚪🌊. Wise words.

Kang’s office insists they’re “looking for a point of contact” between BOK’s stability and FSC’s innovation. Translation: They’re trying to herd cats while juggling chainsaws 🔥🐾. Good luck with that.

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2025-12-01 15:20