Bank of Korea Wants Stablecoins Written Into Forex Law as Crypto Bill and Tax Fight Come to a Head

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 plans to draft an amendment to the Foreign Exchange Transactions Act with the government before year-end that would regulate stablecoins as a means of payment, according to a written submission to the National Assembly’s annual audit reported by Korean outlet Digital Asset. The central bank’s October 22 report, a follow-up to last year’s audit, says it is consulting with the government on measures to regulate cross-border transactions in virtual assets. While building a monitoring system based on foreign exchange network reporting, the bank said, it plans to prepare the amendment with the government this year to regulate stablecoins as a means of payment, among other…

First reported by Bitcoin Magazine. This page is a short excerpt; the full text is theirs.