South Korea's Ministry of Economy and Finance: Cross-Border Stablecoin Payments to Be Regulated Under the Foreign Exchange Transactions Act

According to Yonhap News, Son Seon-yeong, Director of the Foreign Exchange Analysis Division at South Korea's Ministry of Economy and Finance, said on the 11th at a seminar held in Yeouido, Seoul, titled "The Stablecoin Era and the Future of Cross-Border Payments in Korea," that matters related to stablecoin issuance will be regulated under the Digital Asset Act led by the Financial Services Commission, while cross-border transactions will be regulated under the Foreign Exchange Transactions Act. She said that going forward, in conjunction with the formulation of the Digital Asset Act, the Foreign Exchange Transactions Act will define the legal nature of stablecoins, cross-border transactions and payment procedures, among other matters, and that the ministry will communicate fully with various industries on the services they are preparing, specific models and market demand, and prepare institutionalization plans after collecting feedback.

Source: TechFlow