According to its written submission to the National Assembly, the Bank of Korea plans to draft an amendment to the Foreign Exchange Transactions Act by year-end, with the aim of regulating stablecoins as a means of payment. The central bank's October 22 report cited cross-border transaction monitoring and regulatory gaps around personal wallets as key factors requiring tighter controls. The amendment would bring dollar stablecoins under similar cross-border reporting requirements as wire transfers, rather than granting legal-tender status.

View Source

Disclaimer: This content is for informational purposes only and does not constitute investment advice or encourage the buying or selling of crypto assets. It is intended to provide information about industry developments and is not directly related to the services offered by Gate TR. Although information obtained from third-party sources has been carefully reviewed, Gate TR assumes no responsibility for any errors or omissions. Crypto assets involve high risks and may experience significant price fluctuations. Before making any investment decisions, you should assess your financial situation and risk tolerance, conduct your own research, and make decisions independently.