💰 South Korea Moves to Legally Recognize Stablecoins as Payment Methods
According to PANews, South Korean lawmaker Park Sung-hoon plans to propose an amendment to the Foreign Exchange Transactions Act that would officially recognize stablecoins as legitimate payment methods.
The revision aims to close regulatory gaps and prevent misuse in activities such as money laundering and tax evasion. It would give stablecoins the same legal status as traditional payment tools like cash and banknotes.
This move follows concerns from the Bank of Korea about the potential risks of dollar-backed stablecoins bypassing existing foreign exchange reporting procedures.