PANews reported on October 28th that according to Yonhap News Agency, South Korean People's Power Party lawmaker Park Sung-hoon will lead a proposal to amend the Foreign Exchange Transactions Act, formally including stablecoins as legally recognized means of payment. This move aims to fill regulatory gaps in current regulations and eradicate the use of stablecoins for money laundering, tax evasion, and other illegal activities. The amendment explicitly adds stablecoins as a means of payment in Article 3, Paragraph 1, "Definitions." This means that stablecoins will have the same legal status as traditional payment instruments such as South Korean government banknotes, banknotes, and coins. This legislative move echoes concerns raised by the Bank of Korea. In a recent written opinion submitted to the National Assembly, the Bank of Korea expressed concern about the potential risks of US dollar stablecoins, noting that they "may bypass the reporting procedures required by the Foreign Exchange Transactions Act and be used for inter-state current and capital account transactions."PANews reported on October 28th that according to Yonhap News Agency, South Korean People's Power Party lawmaker Park Sung-hoon will lead a proposal to amend the Foreign Exchange Transactions Act, formally including stablecoins as legally recognized means of payment. This move aims to fill regulatory gaps in current regulations and eradicate the use of stablecoins for money laundering, tax evasion, and other illegal activities. The amendment explicitly adds stablecoins as a means of payment in Article 3, Paragraph 1, "Definitions." This means that stablecoins will have the same legal status as traditional payment instruments such as South Korean government banknotes, banknotes, and coins. This legislative move echoes concerns raised by the Bank of Korea. In a recent written opinion submitted to the National Assembly, the Bank of Korea expressed concern about the potential risks of US dollar stablecoins, noting that they "may bypass the reporting procedures required by the Foreign Exchange Transactions Act and be used for inter-state current and capital account transactions."
South Korean lawmakers propose bill to prevent the use of stablecoins to circumvent foreign exchange regulations
For feedback or concerns regarding this content, please contact us at crypto.news@mexc.com
PANews reported on October 28th that according to Yonhap News Agency, South Korean People's Power Party lawmaker Park Sung-hoon will lead a proposal to amend the Foreign Exchange Transactions Act, formally including stablecoins as legally recognized means of payment. This move aims to fill regulatory gaps in current regulations and eradicate the use of stablecoins for money laundering, tax evasion, and other illegal activities. The amendment explicitly adds stablecoins as a means of payment in Article 3, Paragraph 1, "Definitions." This means that stablecoins will have the same legal status as traditional payment instruments such as South Korean government banknotes, banknotes, and coins. This legislative move echoes concerns raised by the Bank of Korea. In a recent written opinion submitted to the National Assembly, the Bank of Korea expressed concern about the potential risks of US dollar stablecoins, noting that they "may bypass the reporting procedures required by the Foreign Exchange Transactions Act and be used for inter-state current and capital account transactions."
Market Opportunity
ConstitutionDAO Price(PEOPLE)
$0.006606
$0.006606$0.006606
USD
ConstitutionDAO (PEOPLE) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact crypto.news@mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
You May Also Like
Trump Approval Rating Tracker: 39% In Latest Survey
The post Trump Approval Rating Tracker: 39% In Latest Survey appeared on BitcoinEthereumNews.com. Sept. 16-18 net approval rating: Trump’s favorability rating declined three points to 39% and the share of U.S. adults who have an unfavorable view of him increased two points to 57% compared to last week in an Economist/YouGov survey of 1,567 U.S. adults conducted Sept. 12-15 (margin of error 3.6). The results represent an 11-point decline in Trump’s 50% favorability rating at the start of his term, according to Economist/YouGov polling. Sept. 15-6 net approval rating: Trump’s job performance improved one point, to 46%, in Morning Consult’s weekly survey compared to the previous week, while his disapproval rating stayed stagnant at 52% (the poll of 2,204 registered U.S. voters was conducted Sept. 12-14 and has a margin of error of 2). The poll found the killing of conservative activist Charlie Kirk is the top story of 2025, with 67% of voters saying they’ve seen, read or heart “a lot” about it, according to Morning Consult, well above hundreds of other news events Morning Consult has asked about this year. Sept. 10-14: On par with two other polls this week, Trump had a 42% approval rating in the latest Reuters/Ipsos survey conducted Sept. 5-9, while 56% disapproved, representing a two-point increase from the groups’ August poll in his disapproval rating and a two-point uptick in his approval rating (the poll of 1,084 U.S. adults has a margin of error of 3). Sept. 8-7: Trump’s approval rating declined one point from last week, to 45%, tied with his record low since taking office, according to Morning Consult’s weekly survey that found 52% disapprove of his job performance (the poll of 2,201 registered voters conducted Sept. 6-8 has a margin of error of 2). Sept. 7-12: Trump’s approval rating ticked up two points from July, to 44%, while his disapproval rating declined two…
Share
BitcoinEthereumNews2025/09/18 01:08
Solo Bitcoin Miner Wins $210K After 1-in-28,000 Odds
A solo Bitcoin miner beat roughly 1-in-28,000 odds to mine a block through Solo CKPool, turning a tiny hash rate into a reward worth about $210,000.
Share
coinlineup2026/04/06 14:58
Payward Names Robert Moore as Chief Financial Officer
Payward announced the appointment of Robert Moore as Chief Financial Officer, effective immediately. Most executive searches answer the question in front of them
Share
Globalfintechseries2026/04/06 15:16
