South Korea is considering regulating cross-border stablecoin transactions

ChainCatcher news, according to the Korea Economic Daily, the South Korean Ministry of Economy and Finance has announced that it is considering measures to ensure the integrity of cross-border transactions involving virtual assets such as stablecoins.

The department explained that stablecoins are primarily used for transactions within the cryptocurrency ecosystem and emphasized their potential to expand as a means of cross-border payments and transactions into the real economy.

A government official stated that the regulatory work for stablecoins will first focus on building a stablecoin issuance system pegged to the Korean won. This system will initially establish a legal framework for stablecoins pegged to the Korean won and, based on this, will gradually expand to include stablecoins pegged to foreign currencies.