Bank of Korea drafts stablecoin amendment to Foreign Exchange Act
Current overview (not historical)
The Bank of Korea (BOK) has drafted an amendment to the Foreign Exchange Transactions Act to regulate stablecoins as payment tools, classifying dollar stablecoins as reportable cross-border payments rather than legal tender. The BOK cited regulatory gaps—specifically settlement outside the banking system, mixers, and personal wallets—as factors facilitating illegal transactions. The central bank stated it would coordinate with relevant ministries to address these gaps before the law takes effect. This move comes as discussions around crypto legislation and tax issues intensify.
Written with AI from the reporting · updated 10/24/2026
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- 1Unclassified fact stationOct 22, 00:00recorded Oct 23, 22:11single source
Bank of Korea plans to draft stablecoin amendment to Forex L
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- Subject：
- Bank of Korea
- Action：
- draft amendment to regulate stablecoins as a means of payment
- Object：
- Foreign Exchange Transactions Act
- Occurred (fact side)：
- Oct 22, 00:00
- Published (valid side)：
- Oct 23, 22:01
- First seen (known side)：
- Oct 23, 22:11
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- Bitcoin MagazineRelated fact: single sourceBank of Korea proposes stablecoin regulation in foreign exchange law ahead of crypto bill
Report first recorded Oct 23, 22:11
The Bank of Korea plans to amend the Foreign Exchange Transactions Act to regulate stablecoins as a means of payment before year-end, subjecting dollar stablecoins to the same cross-border reporting requirements as traditional wire transfers rather than granting them legal tender status. This move runs parallel to the Digital Asset Basic Act and comes as South Korea's crypto income tax, scheduled for January 1, 2027, faces legislative delays and petitions to repeal or postpone it.
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