Bank of Korea lawyer proposes: Stablecoin transactions over $10k must use 'certified wallets'

Deep潮 TechFlow News, July 8, according to "Digital Asset", Bank of Korea (BOK) attorney Choi Ji-young and digital currency team head Park Joon-young jointly published an academic paper proposing regulations on stablecoin transactions between personal wallets: when the transaction amount exceeds $10k, prior declaration is required and transactions are only allowed between certified wallets, referencing the existing Foreign Exchange Transactions Act requirement to declare foreign currency transfers over $10k.

The paper also recommends:

• Referring to EU experience, mandate the collection of user and transaction information for transactions from unverified wallet addresses.
• In principle, allow stablecoin transactions between individuals, but introduce a blacklist mechanism for wallet addresses involved in illegal transactions.
• Strengthen identity verification and transaction history checks at the on-chain/off-chain (On/Off-ramp) stage.
• Propose defining stablecoins as a new type of electronic payment method under the Electronic Financial Transactions Act, and accordingly include them in the regulatory framework of the Foreign Exchange Transactions Act.

The paper notes that transactions between personal wallets have long been a regulatory blind spot. The international anti-money laundering body FATF also released a report in March this year, calling on jurisdictions to strengthen risk monitoring of P2P transactions from non-custodial wallets.