Recently, there has been new activity in South Korea's cryptocurrency trading regulation. They are preparing enterprise-level rules for crypto asset investments, but this draft seems a bit conservative—planning to exclude stablecoins like USDT and USDC.

It appears that regulators are referencing the Foreign Exchange Transactions Act to make this decision. Under current law, foreign currency payment tools must be processed through designated foreign exchange banks, and stablecoins have not yet been officially recognized within this framework. Therefore, they believe including stablecoins in corporate crypto trading rules would be inconsistent with existing laws.

Interestingly, last October, the South Korean National Assembly actually received a bill amendment proposal that included provisions to recognize stablecoins as a means of payment. But this bill is still under review, so regulatory authorities seem reluctant to act prematurely, preferring to wait until the legal framework is clearer.

This is a bit awkward for some large companies. Those listed companies engaged in overseas trade really need stablecoins like USDC for settlement and hedging, which is especially convenient. The popularity of stablecoins in the global crypto trading market is due to fast cross-border transfers and low costs. But now, Korean companies can't open official digital asset trading accounts domestically, so some are using personal wallets or overseas exchanges to handle stablecoin transactions.

But don’t be too pessimistic. Even if stablecoins are excluded from the enterprise investment guidelines, companies can still conduct crypto trading through personal wallets or overseas OTC platforms. The new rules mainly specify what is allowed within the formal framework, not a complete ban.

It is said that the regulatory working group has completed discussions, and the final rules are now tied to the progress of the Digital Asset Basic Act. Once there is progress there, enterprise-level crypto trading policies should become clearer gradually. This process reflects South Korea’s cautious approach to opening the market to corporate participants, especially considering cross-border capital flows, which indeed require careful planning.