The Bank of Korea publishes a regulatory proposal paper, suggesting that personal stablecoin transactions exceeding $10,000 be limited to transfers between verified wallets

Odaily reported that the legal team of the Bank of Korea has published a research paper titled "Regulatory Proposals for Foreign Remittance Transaction Laws Targeting Stablecoins," offering recommendations for regulating large-scale stablecoin transactions. Citing South Korea's current foreign exchange management regulations, the paper outlines a framework for restrictions on stablecoin transfers of over $10,000 between individuals, requiring that such transactions only be conducted between officially certified wallets, along with a pre-declaration mechanism.

The institution acknowledged that fully controlling unregistered wallets presents technical hurdles. However, for anti-money laundering compliance purposes, it is necessary to strengthen restrictions on large-scale cross-border stablecoin flows. South Korean regulatory authorities have previously emphasized the need to improve monitoring systems for cross-border crypto asset transactions involving non-custodial wallets. This paper further refines and concretizes these control measures. (DigitalAsset)