South Korea plans to regulate cross-border stablecoin transactions
South Korea’s Financial Services Commission plans to consult with other jurisdictions, including Japan and the EU, on stablecoin rules.
South Korea’s government plans to apply foreign exchange rules to cross-border transactions involving dollar-pegged stablecoins.
On Oct. 8, the country’s Ministry of Economy and Finance reportedly announced that it was reviewing measures to ensure the soundness of stablecoin transactions.
The government agency said that apart from being used to transact and exchange within the crypto ecosystem, stablecoins are also used in cross-border transactions. This means that stablecoin’s functions expand to global transfers, which may require different rules.
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Author: Ezra Reguerra
