South Korea · New York · Bitcoin Magazine
The central bank’s October 22 report, a follow-up to last year’s audit
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While building a monitoring system based on foreign exchange network reporting, the bank said, it plans to prepare the amendment with the government this year to regulate stablecoins as a means of payment, among other aims.
Key facts
- The National Tax Service has not moved: it plans to finalize its draft tax notice by October 30, Digital Asset reported
- The forex work runs in parallel with the Digital Asset Basic Act, the licensing and stablecoin-issuance framework flagged alongside spot bitcoin ETF approval in the government’s 2026 growth strategy
- Two petitions, one to repeal the tax and one to defer it two years, each cleared the 50,000 signatures that force a legislative review
- The central bank’s October 22 report, a follow-up to last year’s audit, says it is consulting with the government on measures to regulate cross-border transactions in virtual assets
Summary
The Bank of Korea told lawmakers it will draft a forex law amendment this year to regulate stablecoins as a means of payment, a plan that points to tighter cross-border controls rather than legal-tender status. The Bank of Korea plans to draft an amendment to the Foreign Exchange Transactions Act with the government before year-end that would regulate stablecoins as a means of payment, according to a written submission to the National Assembly’s annual audit reported by Korean outlet Digital Asset. The central bank’s October 22 report, a follow-up to last year’s audit, says it is consulting with the government on measures to regulate cross-border transactions in virtual assets. That is a plan to write a bill, not a bill in itself.