Stablecoins to Be Regulated as Payment Instruments as South Korean Government and Central Bank Push to Amend the Foreign Exchange Transactions Act

Odaily: The South Korean government and central bank are pushing to amend the Foreign Exchange Transactions Act, planning to bring stablecoins under regulation as payment instruments. South Korea is currently drafting the Basic Act on Digital Assets, which will establish a licensing system for cryptocurrency exchanges and set rules for stablecoin issuance.