The South Korean government and the Bank of Korea plan to revise the Foreign Exchange Transactions Act this year to define stablecoins as payment instruments.

The South Korean government and the Bank of Korea plan to revise the Foreign Exchange Transactions Act this year, defining stablecoins as payment instruments and establishing a virtual asset monitoring framework. The Bank of Korea is coordinating with the government on regulatory measures for cross-border digital asset transactions, intending to jointly submit an amendment bill this year to incorporate stablecoins into the Foreign Exchange Act and establish a corresponding monitoring system. Financial Services Commission Chairman Lee Eok-won stated at a hearing on Thursday that discussions on the Basic Law on Digital Assets are nearing completion, and the government will push for its enactment. (Source: Digital Asset)