CandleFocus Korea eyes FX rules for stablecoins used in cross-border trade: report
2024-10-08
Author: Content Editor
South Korea is considering imposing foreign exchange controls on stablecoins due to concerns over their growing use in cross-border trade. The country's Ministry of Economy and Finance is reviewing measures to enhance the stability of crypto transactions, particularly those involving stablecoins. The government is worried about stablecoins operating outside government oversight and posing risks to the stability of South Korea's foreign exchange market. The Financial Services Commission is expected to prioritize discussions on stablecoin regulation, drawing from frameworks in Japan and the European Union. This potential regulatory shift follows South Korea's efforts to tighten oversight of the local crypto market, including the imposition of oversight fees on crypto exchanges.
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