According to the Korea Economic Daily, the Ministry of Economy and Finance of South Korea announced that it is considering measures to ensure the integrity of cross-border transactions involving virtual assets such as stablecoins. The ministry explained that stablecoins are mainly used for transactions within the cryptocurrency ecosystem, stressing that it has the potential to expand into the real economy as a cross-border transfer and transaction method.
A government official said the first step in regulating stablecoins would be to establish a system for issuing stablecoins pegged to the Korean won, which would first establish a legal framework for stablecoins pegged to the Korean won and then gradually expand it to stablecoins pegged to foreign currencies.
South Korea is considering regulating cross-border stablecoin transactions
2024-10-08 11:05:41
Korea economy daily newspaper report Korea economy Ministry of Finance announceddesk3cryptocurrencydesktopCrypto News
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