South Korea is amending its foreign exchange law to recognize dollar-pegged stablecoins as regulated means of payment, alongside banknotes. The measures aim to limit uncontrolled cross-border transactions, money laundering, and tax evasion amid widespread use of these tokens among Korean consumers. Virtual asset transfer providers will have to register with the Ministry of Economy and Finance and could face up to three years in prison for failing to comply. The goal is to establish adequate regulatory measures by the end of 2026, while the National Assembly will review broader digital asset legislation in November 2026. South Korea still has no dedicated licensing regime for stablecoin issuers.
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