Bank of Korea Wants Stablecoins Written Into Forex Law as Crypto Bill and Tax Fight Come to a Head
By Micah Zimmerman
AI summary of the source article
The Bank of Korea plans to draft an amendment to the Foreign Exchange Transactions Act by year-end to regulate stablecoins as a means of payment for cross-border transactions.
Why it matters
The BOK pointed to settlement outside the banking system, mixers, and regulatory gaps around personal wallets as factors that ease illegal transactions.
Key facts
- The Bank of Korea plans to prepare an amendment to the Foreign Exchange Transactions Act before year-end to regulate stablecoins as a means of payment.
- Financial Services Commission chairman Lee Eog-weon stated consultations for the Digital Asset Basic Act are in their final stage.
- South Korea's crypto income tax is scheduled to take effect January 1, 2027, amid ongoing legislative pushback and review petitions.
Source excerpt · Bitcoin Magazine
Bitcoin Magazine Bank of Korea Wants Stablecoins Written Into Forex Law as Crypto Bill and Tax Fight Come to a Head The Bank of Korea told lawmakers it will draft a forex law amendment this year to regulate stablecoins as a means of payment, a plan that points to tighter cross-border controls rather than legal-tender status. This post Bank of Korea Wants Stablecoins Written Into Forex Law as Crypt…