#SouthKoreaPlansToRegulateStablecoinsUnderFXLaw
đ°đ· South Korea Moves to Treat Stablecoins as Payment Instruments
đ The Bank of Korea says it will prepare a bill with the government this year amending the Foreign Exchange Transactions Act
đ± Stablecoins would be defined as a "means of payment", closing a gap in FX rules
đ A monitoring framework for cross-border virtual asset transfers comes with it
đ The ruling party's draft Digital Asset Basic Act reportedly puts FX stablecoin firms under FX supervision, with some payments for goods and services exempt from FX reporting
â ïž That draft is not final; the FSC chair says talks on the act are nearing completion
đ Separately, cross-border crypto transfer reporting rules start Dec 3, with public comments closing Oct 26
What it means for crypto: clearer rules could open the door to won and dollar stablecoin payments in Korea, but also tighter tracking of offshore flows. Bitcoin is near $81K, flat over 24 hours.
Good for adoption or more control? đ
$BTC $USDT
#CryptoNews #SouthKorea #Stablecoins #SouthKoreaPlansToRegulateStablecoinsUnderFXLaw
đ°đ· South Korea Moves to Treat Stablecoins as Payment Instruments
đ The Bank of Korea says it will prepare a bill with the government this year amending the Foreign Exchange Transactions Act
đ± Stablecoins would be defined as a "means of payment", closing a gap in FX rules
đ A monitoring framework for cross-border virtual asset transfers comes with it
đ The ruling party's draft Digital Asset Basic Act reportedly puts FX stablecoin firms under FX supervision, with some payments for goods and services exempt from FX reporting
â ïž That draft is not final; the FSC chair says talks on the act are nearing completion
đ Separately, cross-border crypto transfer reporting rules start Dec 3, with public comments closing Oct 26
What it means for crypto: clearer rules could open the door to won and dollar stablecoin payments in Korea, but also tighter tracking of offshore flows. Bitcoin is near $81K, flat over 24 hours.
Good for adoption or more control? đ
$BTC $USDT
#CryptoNews #SouthKorea #Stablecoins #SouthKoreaPlansToRegulateStablecoinsUnderFXLaw