Bank of Korea Wants Stablecoins Written Into Forex Law as Crypto Bill and Tax Fight Come to a Head

The Bank of Korea is pushing to bring stablecoins—especially those tied to foreign currencies—under South Korea’s Foreign Exchange Transactions Act, arguing they could affect capital flows and monetary oversight. The proposal comes as lawmakers debate broader crypto legislation alongside a dispute over when to tax digital-asset gains. The outcome could shape stablecoin access and compliance requirements in South Korea, potentially adding friction for crypto markets and cross-border Bitcoin trading.