South Korea is Considering Regulation of Cross-Border Stablecoin Trading
On October 8, South Korea's Ministry of Economy and Finance announced that it is considering measures to ensure the integrity of cross-border transactions involving virtual assets such as stablecoins, according to a report in the Korea Economic Daily.
The ministry explained that stablecoins are primarily used for transactions within the cryptocurrency ecosystem and emphasized their potential expansion into the real economy as a cross-border payment and transaction method.
A government official said the regulatory efforts for stablecoins will start with the construction of a stablecoin issuance system pegged to the won. The system will start with a legal framework for the won-pegged stablecoin and, based on that, gradually expand it to foreign currency-pegged stablecoins.
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