Bank of Korea Seeks Forex Law Amendment to Regulate Stablecoins

forex law amendment — The Bank of Korea plans to draft an amendment to the Foreign Exchange Transactions Act by year-end to regulate stablecoins as a means of payment, according to a report submitted for a national audit.

The central bank‘s October 22 report states it is consulting with the government on measures to regulate cross-border crypto transactions. The planned amendment aims to treat stablecoins as a reportable means of payment under forex law, subjecting them to similar controls as traditional cross-border money transfers.

This forex initiative runs parallel to the long-awaited Digital Asset Basic Act, a broader licensing and stablecoin-issuance framework. Financial Services Commission chairman Lee Eog-weon told lawmakers Thursday that consultations on that bill are in their final stage.

The regulatory push coincides with a political debate over South Korea‘s planned crypto income tax, set to take effect in January 2027 after multiple delays. Lawmakers have questioned taxing a market before its governing law is passed, and public petitions calling for a repeal or deferral have gained traction.