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South Korea’s government and the Bank of Korea plan this year to pursue revisions to the Foreign Exchange Transactions Act to regulate stablecoins as a means of payment, Digital Asset reported.
According to a business status report for the Oct. 22 parliamentary audit, the central bank said in its follow-up on corrective requests from the 2025 audit that it is discussing measures with the government to regulate cross-border transactions involving virtual assets, or digital assets. The Bank of Korea added it is preparing to build a virtual-asset monitoring system, including reporting through the foreign exchange data network, while planning with the government to draft this year an amendment to the Foreign Exchange Transactions Act to regulate stablecoins as a means of payment and related instruments.