Svmuu News: The Bank of Korea’s legal team has published a research paper titled “Regulatory Framework for Foreign Remittance Transactions Involving Stablecoins,” proposing recommendations for regulating large-value stablecoin transactions. Referencing South Korea’s current foreign exchange regulations, the paper outlines a regulatory framework for stablecoin transfers between individuals exceeding $10,000, requiring such transactions to be conducted exclusively between officially certified wallets and accompanied by a prior reporting mechanism.
Regulators acknowledge that comprehensive oversight of unregistered wallets presents technical challenges, but due to anti-money laundering compliance requirements, stricter restrictions on large-value cross-border stablecoin flows are necessary. South Korean regulators have previously emphasized the need to improve the monitoring system for cross-border crypto asset transactions involving non-custodial wallets, and this paper further details and refines the regulatory approach. (DigitalAsset)