South Korea’s Ministry of Finance announced on October 8 that it is reviewing measures to regulate stablecoins more tightly. 🌐

There has been increasing criticism that stablecoins are a hidden threat in the foreign exchange market due to insufficient oversight. The ministry noted that stablecoins are used in the virtual asset ecosystem and cross-border transactions.

The Financial Services Commission (FSC) will prioritize stablecoins in the second legislative phase of VAUPA. They will reference laws from countries such as Japan and the EU.

The government plans to impose foreign exchange regulations on stablecoin transactions. 🇰🇷