Source time Edition date
Policy吴说区块链
Asia's weekly TOP10 crypto news: South Korea Regulates Stablecoins as Payment Means, China to Build National Blockchain Network, HSBC Launches Stablecoin and Top10 News
亚洲每周TOP10加密新闻：韩国将稳定币作为支付手段监管，中国将建设国家区块链网络，汇丰推出稳定币及TOP10新闻
South Korea's move to treat stablecoins as payment means forces issuers like HSBC to decide whether their tokens meet new licensing and reserve rules before the rules take effect.
Judgment
South Korea’s government and Bank of Korea must decide by year-end how broadly the revised Foreign Exchange Transactions Act defines payment-purpose stablecoins and cross-border monitoring duties, trading tighter illicit-flow controls against added reporting and compliance costs for issuers and transfer providers.
Basis
The Bank of Korea said in an Oct. 22 report to the National Assembly that it is negotiating with the government on cross-border crypto asset regulatory frameworks and preparing a crypto asset monitoring system via the foreign exchange information system. It plans to draft amendments to the Foreign Exchange Transactions Act within this year to regulate stablecoins used as payment instruments. The BOK cited risks from anonymous technologies such as mixers and regulatory gaps around personal wallets; the mechanism is to bring payment stablecoins and cross-border crypto transfers under foreign-exchange monitoring and reporting, adding compliance duties for issuers and transfer providers. Separately, from Dec. 2, virtual asset transfer service providers must submit monthly reports by 17:30 on the 10th of the following month on end-of-month holdings of users who made cross-border transfers since July 19, 2024, including token quantities and KRW-equivalent balances.
Unclear The source does not say what stablecoin definition, reserve, licensing thresholds, or penalties the draft amendments will set.
Next Check whether the government and Bank of Korea publish draft Foreign Exchange Transactions Act amendments before the end of this year and whether those drafts define payment-purpose stablecoins and reporting duties.