South Korea to Amend Forex Law to Regulate Stablecoins

• South Korea plans to draft an amendment to the Foreign Exchange Transactions Act by year-end.
• The amendment will regulate stablecoins as a means of payment.
• The bill seeks to establish a framework for digital assets, including licensing regimes for exchanges and rules for stablecoin issuance.
• The amendment aims to address the intensifying debate over cryptocurrency taxation.
• The National Assembly’s annual audit reported on the Bank of Korea’s submission.