Stablecoins are planned to be regulated as payment tools, with the South Korean government and central bank promoting revisions to the Foreign Exchange Transaction Act.
According to Odaily, the South Korean government and the central bank are promoting amendments to the Foreign Exchange Transactions Act, intending to include stablecoins as regulated payment instruments. South Korea is currently drafting the Basic Act on Digital Assets, which will establish a licensing regime for cryptocurrency exchanges and set rules related to stablecoin issuance.
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