[South Korean Lawmaker Proposes Amendments to the Foreign Exchange Transactions Act to Regulate Stablecoin Usage] Park Sung-hoon, a member of South Korea's People Power Party, plans to propose an amendment to the Foreign Exchange Transactions Act to include stablecoins as legally recognized payment methods, addressing the current regulatory gap concerning stablecoins. The amendment aims to add stablecoins as one of the payment tools under the definition clause in Article 3, Section 1, granting them the same legal status as South Korea's legal currency and other traditional payment instruments. Previously, the Bank of Korea submitted a written opinion to the National Assembly, warning that dollar-pegged stablecoins could bypass the reporting procedures stipulated by the Foreign Exchange Transactions Act and be used for transactions involving international current accounts and capital accounts. The proposed legislation seeks to prevent the use of stablecoins for illegal activities such as money laundering and tax evasion, while also addressing the central bank's concerns about the potential risks associated with stablecoins.