South Korea Proposes New Regulations for Stablecoins to Enhance Financial Stability

In a move aimed at bolstering financial stability and consumer protection, South Korea is introducing legislation to regulate stablecoins. This bill aims to categorize these digital assets as ‘means of payment,’ aligning their status with traditional currencies under the existing Foreign Exchange Transactions Act. The proposed amendment, sponsored by lawmaker Park Seong-hoon, seeks to ensure compliance and transparency within the rapidly evolving digital financial landscape. This proactive approach reflects a global trend among regulators seeking to bring digital assets under stricter supervision. ]