The Bank of Korea intends to draft an amendment to the Foreign Exchange Transactions Act by the end of this year. The proposed changes aim to regulate stablecoins as a means of payment, subjecting them to the same cross-border reporting requirements as traditional wire transfers.
This initiative is part of a broader effort to monitor virtual asset transactions and address regulatory gaps involving mixers and personal wallets. The central bank is currently consulting with the government to establish these oversight measures.
Parallel to these efforts, the Digital Asset Basic Act is being developed as a framework for licensing and stablecoin issuance. Financial Services Commission chairman Lee Eog-weon stated that consultations for this act are in their final stages.
Meanwhile, the implementation of a crypto income tax remains scheduled for January 1, 2027, following three previous delays. The National Tax Service plans to finalize its draft tax notice by October 30.
Legislative debate continues as two public petitions, each gathering 50 000 signatures, have triggered a formal review regarding the repeal or further deferral of the upcoming crypto tax.
