Bank of Korea Plans Forex Law Amendment to Cover Stablecoins
The central bank told lawmakers it will draft an amendment this year to regulate stablecoins as a payment means, focusing on cross-border controls rather than legal-tender status.
The Bank of Korea has told lawmakers it intends to draft an amendment to the country's foreign exchange law this year that would bring stablecoins used as a means of payment under regulatory coverage, according to Bitcoin Magazine.
The proposed approach would place stablecoins within the foreign exchange framework, pointing toward tighter controls on cross-border transactions rather than granting them legal-tender status.
Policy context
The central bank's plan comes as South Korean lawmakers continue work on broader cryptocurrency legislation and a separate tax dispute. The source did not provide further detail on the timing or contents of those measures.
The move signals that Korean authorities are examining stablecoins primarily through the lens of payments and capital flows, a distinction that could shape how issuers and users operate across borders.