South Korea plans to revise foreign exchange law to bring stablecoins under payment tool regulation

Odaily: 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 tool regulation and establish a monitoring framework for virtual assets. The Bank of Korea said 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 introduction as soon as possible.