The Bank of Korea plans to work with the South Korean government on an amendment to the Foreign Exchange Transactions Act that would bring stablecoins used for payments within the country’s foreign-exchange reporting framework.
The central bank disclosed the plan in a written submission to the National Assembly’s annual audit. According to Bitcoin Magazine, the October 22 report said the Bank of Korea is consulting with government ministries on rules for cross-border virtual-asset transactions and intends to prepare the amendment before the end of this year.
The proposal remains at the planning stage. It is not yet a bill, and the central bank has not published draft language, identified a particular stablecoin or provided a timetable for parliamentary approval. Its significance lies in how South Korean authorities appear to be approaching stablecoins: as payment instruments that may need to be monitored under foreign-exchange rules, rather than as a new form of legal tender.
Stablecoins could enter the foreign-exchange framework
Stablecoins are cryptoassets designed to maintain a relatively stable value, commonly by being linked to a national currency such as the US dollar. Their use in transfers and settlements can take place outside conventional banking channels, which makes the flow of funds more difficult for regulators to observe through existing systems.
Under the terminology used in South Korean foreign-exchange law, a “means of payment” is an instrument whose cross-border movement must be reported. That means the proposed amendment could treat the transfer of a dollar-linked stablecoin across borders in a similar regulatory category to an international bank transfer.
It would not, based on the information available, mean that stablecoins would become legal tender for everyday purchases in South Korea. The Bank of Korea’s stated objective is instead connected to reporting, monitoring and controls on cross-border movement.
The central bank said it is developing a monitoring system based on reporting from the foreign-exchange network. It also cited settlements conducted outside the banking system, mixers and regulatory gaps involving personal wallets as factors that can facilitate illegal transactions. The planned amendment is intended to address those issues while the broader digital-asset legislation is still being developed.
Proposal linked to wider crypto legislation
The foreign-exchange initiative is moving alongside South Korea’s proposed Digital Asset Basic Act. That legislation is expected to establish a framework covering digital-asset businesses and stablecoin issuance. The framework was listed alongside spot bitcoin exchange-traded fund approval in the government’s 2026 growth strategy, according to the source material.
Financial Services Commission Chairman Lee Eog-weon told lawmakers on Thursday that consultations on the digital-asset bill were in their final stage and that the legislation would be submitted as soon as possible, according to reporting by Bloomingbit.
In the meantime, the Bank of Korea said it would coordinate with government ministries to restrict transactions that take advantage of regulatory gaps before the Digital Asset Basic Act becomes law. This creates two parallel policy tracks: a possible foreign-exchange amendment aimed at cross-border stablecoin activity and a broader licensing and issuance regime for the digital-asset industry.
For crypto users and businesses, the distinction matters because the proposed rules concern the movement and reporting of assets, not simply whether those assets can be held or traded. The source material also links South Korea’s foreign-exchange controls to the so-called kimchi premium, the difference that can emerge between domestic and overseas crypto prices. A tighter foreign-exchange framework around crypto would reinforce those controls rather than remove them.
Crypto tax debate adds pressure
The stablecoin and foreign-exchange discussions are taking place as lawmakers debate a separate question: when South Korea should begin taxing income from cryptoassets.
The country’s crypto income tax is scheduled to take effect on January 1, 2027, after three postponements. Lawmakers have questioned whether taxation should begin before the legislation defining the market and its operating framework has been completed.
Lee said on Thursday that the tax timetable should take “various circumstances” into full consideration, according to Yonhap. Democratic Party leader Kim Min-seok also called for a thorough final review, representing a change from the party’s earlier position that had supported the 2027 start date.
Two public petitions—one seeking repeal of the tax and another requesting a two-year delay—each passed the 50,000-signature threshold required to trigger legislative review. The National Tax Service, however, has continued its work and plans to finalize its draft tax notice by October 30, according to Digital Asset.
The combination of proposed stablecoin controls, pending digital-asset legislation and uncertainty over taxation leaves South Korea’s crypto rules in transition. The Bank of Korea’s announcement signals that cross-border payment activity will be a central part of that policy debate, but the final scope of the rules will not be known until legislation is drafted and considered by lawmakers.
Current market picture
Moneyiar market data at 08:24 on October 24, 2026, showed Bitcoin at $80,682.90, down 1.25% over 24 hours and 1.13% over seven days. Cronos was $0.05490154, down 3.85% in 24 hours and 4.94% over seven days.
The STABLE token was priced at $0.02643583, up 3.41% over 24 hours and 1.69% over seven days. Aethir stood at $0.00594468, down 8.99% over 24 hours but up 3.93% over seven days.
