The Bank of Korea (BOK) submitted a written opinion to the National Assembly on October 22, stating its plan to draft an amendment to the Foreign Exchange Transactions Act with the government by year-end. This amendment aims to regulate stablecoins as a means of payment, which in Korean forex law refers to instruments whose cross-border movement must be reported. This move points to tighter cross-border controls for stablecoins, placing them under the same reporting and control framework as wire transfers, rather than granting them legal tender status. The BOK cited settlement outside the banking system, mixers, and regulatory gaps around personal wallets as drivers for this amendment, seeking to limit transactions exploiting these gaps. This initiative runs parallel to the Digital Asset Basic Act, with Financial Services Commission chairman Lee Eog-weon indicating consultations are in their final stage. Separately, South Korea's crypto income tax is set to take effect on January 1, 2027, after three postponements, with lawmakers questioning taxing the market before its legal definition is complete.