South Korea plans to revise its Foreign Exchange Act to bring stablecoins under payment instrument regulation

Odaily News: The South Korean government and the Bank of Korea plan to revise the Foreign Exchange Transactions Act within this year to bring stablecoins under payment instrument regulation and establish a monitoring framework for virtual assets. The Bank of Korea stated that it is coordinating with the government on regulatory measures for cross-border digital asset transactions and will build an international cooperation framework to combat illegal digital asset transactions. South Korea is also drafting the Basic Act on Digital Assets, covering the exchange licensing system and stablecoin issuance rules; Lee Eog-weon, Chairman of the Financial Services Commission, said on Thursday that discussions on the bill are nearly complete and the government will push for its enactment as soon as possible.