According to Yonhap News Agency, Park Sung-hoon, a lawmaker from the National Power Party of South Korea, will introduce a bill to amend the Foreign Exchange Transactions Act to include stablecoins as a means of payment under the law. The bill aims to amend the "definition" part of Article 3, item 1, to include stablecoins as a means of payment alongside government banknotes, bank notes, coins, etc.
Park MP said that while stablecoins pegged to the value of fiat currencies are recognized as a new means of payment, due to their different nature from existing fiat currencies, they are not recognized as a means of payment by the Foreign Exchange Transactions Act, and there are regulatory blind spots, which may lead to illegal foreign exchange transactions and tax evasion through stablecoins.
The Bank of Korea has previously expressed similar concerns, pointing out that dollar stablecoins may be used for cross-border current account and capital transactions without the reporting procedures stipulated in the Foreign Exchange Transactions Act, and warning that the proliferation of stablecoins may make it easier to circumvent illegal transactions of foreign exchange regulations. The Ministry of Planning and Finance of South Korea agreed with the bill, saying that it is negotiating with relevant agencies such as the Financial Commission and the Central Bank on specific supervision plans.
The South Korean parliament has proposed a bill to bring stablecoins under the supervision of the foreign exchange trading law for the first time
2025-10-28 02:07:58
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