South Korea reviews applying foreign exchange law to stablecoins

The South Korean government is reviewing the application of the Foreign Exchange Transactions Act to stablecoins including Tether’s USDT, treating them similarly to foreign currencies such as the U.S. dollar or Japanese yen, according to Munhwa Ilbo. The Ministry of Economy and Finance (MOEF) has launched a research project to examine potential legal violations and regulatory improvements related to stablecoins. Experts say the move could lead to new remittance and receipt limits for overseas transfers without requiring additional documentation.