South Korea Eyes FX Oversight for Stablecoins in Draft Bill
Cointelegraph
South Korea is drafting legislation to classify stablecoins as foreign exchange instruments and mandate trust custody for tokenized real-world assets.Summary
South Korea's Democratic Party is developing a draft bill that seeks to regulate stablecoins and tokenized real-world assets (RWAs) under existing financial laws. The proposal would classify cross-border stablecoins as payment instruments under the Foreign Exchange Transactions Act, subjecting them to greater oversight. Additionally, RWA issuers would be required to hold underlying assets in managed trusts in compliance with the Capital Markets Act. The draft also includes provisions to prohibit interest payments on stablecoins and tasks the Financial Services Commission with establishing technical interoperability standards.
(Source：Cointelegraph)