Key facts
- The Bank of Korea will draft a forex law amendment this year.
- The amendment aims to regulate stablecoins as a means of payment.
- The plan focuses on tighter cross-border controls.
The Bank of Korea has informed lawmakers of its intention to draft an amendment to foreign exchange law within the current year. This proposed legislation aims to classify stablecoins as a form of payment, with the primary objective of enhancing cross-border financial controls. The move does not indicate an intention to grant stablecoins legal tender status.
