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Bank of Korea issues regulatory plan paper, suggests personal stablecoin transactions exceeding $10k be limited to verified wallet transfers.

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ME News message: On July 8 (UTC+8), the Legal Affairs team of the Bank of Korea released a research paper titled “Regulatory Plan for Foreign Remittance Transactions on Stablecoins,” proposing regulatory recommendations for large stablecoin transactions. The paper draws on South Korea’s current foreign exchange management regulations and outlines a proposed framework that would place constraints on stablecoin transfers of over 10,000 USD between individuals. It requires that such transactions can only be conducted between officially certified wallets, alongside a supporting prior-declaration mechanism. The institution admits that comprehensive control over unregistered wallets faces technical obstacles, but given anti-money-laundering compliance requirements, it is necessary to further tighten restrictions on the cross-border movement of large stablecoin funds. South Korea’s regulators have previously repeatedly called for strengthening the monitoring system for cross-border crypto asset transactions involving non-custodial wallets; this paper further implements and refines the control approach. (Source: ChainCatcher)
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