The Financial Services Commission (FSC) of South Korea has missed the government's deadline of December 10 to submit a regulatory framework for the Korean won-backed stablecoin. The FSC cited the need for further coordination with relevant departments. Meanwhile, the Bank of Korea (BOK) has called for veto power over stablecoin issuance and proposed restrictions on large tech companies' involvement, a stance opposed by the FSC. This disagreement has left the future of stablecoin regulation in South Korea uncertain.