According to DigitalAsset, the legal team of the Bank of Korea (BOK) published a paper titled “Regulatory Plan for Foreign Remittance Transactions for Stablecoins,” which suggests that, to strengthen the management of a regulatory blind spot involving transactions between individual wallets, peer-to-peer stablecoin transactions exceeding $10,000 should be allowed only between “certified wallets.” The proposal draws on an existing regulation in foreign remittance transaction law that requires reporting for foreign currency being sent out of the country exceeding $10,000.

The paper states that, although it is technically difficult to restrict all unregistered electronic payment transactions, given anti-money laundering (AML) requirements, transactions involving large-scale foreign exchange flows should be subject to prior reporting and should be allowed to interact only with certified wallets. Previously, South Korean regulators have repeatedly emphasized the need for monitoring and regulation of cross-border transactions involving non-custodial wallets.