South Korean Ministry of Economy and Finance: Stablecoin Cross-Border Payments to Be Regulated Under Foreign Exchange Transaction Act

According to Yonhap News Agency, Son Sun-young, Director of the Foreign Exchange Analysis Division at the Korean Ministry of Economy and Finance, stated on the 11th at a symposium in Yeouido, Seoul, titled "The Stablecoin Era: The Future of Cross-Border Payments in Korea," that regulations concerning stablecoin issuance will be governed by the Digital Asset Act led by the Financial Services Commission, while cross-border transaction matters will be regulated by the Foreign Exchange Transaction Act. She noted that in conjunction with the formulation of the Digital Asset Act, the Foreign Exchange Transaction Act will specify the legal nature of stablecoins, cross-border transactions, and payment procedures. Furthermore, the ministry will fully engage in consultations with various industries regarding their intended services, specific models, and market demands, gather feedback, and subsequently prepare a comprehensive institutional framework.