South Korea Revises Foreign Exchange Law to Regulate Stablecoins

The South Korean government and the Bank of Korea plan to revise the Foreign Exchange Transaction Act this year to include stablecoins under the regulation of payment instruments and establish a monitoring framework for virtual assets. The Bank of Korea is coordinating with the government on regulatory measures for cross-border transactions of digital assets and will build an international cooperation framework to combat illegal digital asset trading. South Korea is also drafting the Basic Digital Asset Act, which covers exchange licensing systems and stablecoin issuance rules. Financial Services Commission Chairman Lee Eog-weon stated that discussions on the bill are nearing completion, and the government will push for its prompt enactment.

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