South Korea's ruling and opposition parties disagree on stablecoin regulation bill

PANews reported on July 29 that according to Decrypt, South Korea's ruling party and opposition party submitted competing draft legislation on stablecoins on Monday, with differences over key terms such as whether to prohibit stablecoins from paying interest. Both bills grant financial regulators emergency powers and require the Korean won to anchor stablecoins to achieve full reserves. The ruling party's bill focuses on innovation and market reliability, while the opposition party's bill explicitly prohibits interest payments and requires higher capital thresholds.