{"id":243104,"date":"2026-10-23T14:01:41","date_gmt":"2026-10-23T14:01:41","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=243104"},"modified":"2026-10-23T14:01:41","modified_gmt":"2026-10-23T14:01:41","slug":"bank-of-korea-wants-stablecoins-written-into-forex-law-as-crypto-bill-and-tax-fight-come-to-a-head","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=243104","title":{"rendered":"Bank of Korea Wants Stablecoins Written Into Forex Law as Crypto Bill and Tax Fight Come to a Head"},"content":{"rendered":"

Bitcoin Magazine<\/a><\/p>\n

Bank of Korea Wants Stablecoins Written Into Forex Law as Crypto Bill and Tax Fight Come to a Head<\/a><\/p>\n

<\/div>\n

The Bank of Korea plans to draft an amendment to the Foreign Exchange Transactions Act with the government before year-end that would regulate stablecoins as a means of payment, according to a written submission to the National Assembly\u2019s annual audit reported<\/a> by Korean outlet Digital Asset.<\/p>\n

The central bank\u2019s October 22 report, a follow-up to last year\u2019s audit, says it is consulting with the government on measures to regulate cross-border transactions in virtual assets.\u00a0<\/p>\n

While building a monitoring system based on foreign exchange network reporting, the bank said, it plans to prepare the amendment with the government this year to regulate stablecoins as a means of payment, among other aims.<\/p>\n

That is a plan to write a bill, not a bill in itself. There is no draft text, no named token and no passage date. And \u201cmeans of payment\u201d is a defined term in Korean forex law: an instrument whose cross-border movement must be reported.\u00a0<\/p>\n

On that reading, the amendment would put dollar stablecoins under the same controls as a wire to New York, not make them legal tender at a Seoul convenience store.<\/p>\n

The BOK pointed to settlement outside the banking system, mixers and regulatory gaps around personal wallets as factors that ease illegal transactions. Bitcoin holders who self-custody in Korea should take note: the country\u2019s capital controls are the reason the kimchi premium<\/a> exists, and a tighter forex net around crypto would entrench those controls rather than ease them.<\/p>\n

The forex work runs in parallel with the Digital Asset Basic Act, the licensing and stablecoin-issuance framework flagged alongside spot bitcoin ETF approval<\/a> in the government\u2019s 2026 growth strategy.\u00a0<\/p>\n

Financial Services Commission chairman Lee Eog-weon told lawmakers Thursday that consultations are in their final stage and the bill will follow as soon as possible, Bloomingbit<\/em> reported<\/a>.\u00a0<\/p>\n

The BOK said it will work with ministries to limit transactions that exploit the gap until that law exists.<\/p>\n

South Korea\u2019s crypto tax discussions<\/h2>\n

The gap has a date attached. Korea\u2019s crypto income tax is due to take effect January 1, 2027, according<\/a> to The Block,<\/em> after three postponements, and lawmakers have questioned taxing a market before the law defining it is passed.\u00a0<\/p>\n

Lee said Thursday the tax should \u201ctake various circumstances into full consideration,\u201d per Yonhap<\/a>. Democratic Party leader Kim Min-seok called Thursday for a \u201cthorough final review,\u201d a shift from a party that had insisted on 2027.\u00a0<\/p>\n

Two petitions, one to repeal the tax and one to defer it two years, each cleared the 50,000 signatures that force a legislative review.\u00a0<\/p>\n

The National Tax Service has not moved: it plans to finalize its draft tax notice by October 30, Digital Asset reported<\/a>.<\/p>\n

This post Bank of Korea Wants Stablecoins Written Into Forex Law as Crypto Bill and Tax Fight Come to a Head<\/a> first appeared on Bitcoin Magazine<\/a> and is written by Micah Zimmerman<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin Magazine Bank of Korea Wants Stablecoins Written Into Forex Law as Crypto Bill and Tax Fight Come to a Head The Bank of Korea plans to draft an amendment to the Foreign Exchange Transactions Act with the government before year-end that would regulate stablecoins as a means of payment, according to a written submission […]<\/p>\n","protected":false},"author":0,"featured_media":243105,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-243104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/243104"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=243104"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/243104\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/243105"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=243104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=243104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=243104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}