Bank of Korea plans to regulate stablecoins under forex law for payments
CIE News ·
Based on reporting by The Block; not yet independently confirmed.
The Bank of Korea is coordinating with the government to amend the Foreign Exchange Transactions Act by the end of 2026 to classify stablecoins as payment tools and introduce cross-border monitoring.
The Bank of Korea is coordinating with the South Korean government to amend the Foreign Exchange Transactions Act before the end of 2026 to recognize stablecoins as payment tools, coingabbar.com reported. According to audit documents submitted to the National Assembly, the proposed legislative change intends to classify fiat-pegged digital assets such as Tether (USDT) and USD Coin (USDC) within formal foreign exchange reporting and oversight frameworks instead of leaving them in an ambiguous statutory status.
Along with the legislative revision, the central bank plans to introduce a specialized monitoring system to oversee cross-border digital asset transactions and curb illicit transfers involving unhosted wallets and mixers. Under rules passed in May 2026, cross-border crypto transfer firms must register with the Ministry of Economy and Finance by early December 2026 or face potential penalties of up to three years of imprisonment.
Rules governing issuers and licensing remain outside the proposed forex law amendment and will instead be addressed in the Digital Asset Basic Act, which lawmakers are expected to review in November 2026, according to coingabbar.com.
Key facts
- Forex law amendment planned in 2026
- Stablecoins eyed as payment tools
- BOK cross-border monitoring system
- Registration deadline early Dec 2026
Read the original at The Block