The Bank of Korea's legal team released a research paper titled "Regulatory Framework for Foreign Exchange Transactions of Stablecoins," proposing recommendations for the regulation of large-value stablecoin transactions. The paper, referencing South Korea's current foreign exchange management regulations, outlines a concept for restricting stablecoin transfers between individuals exceeding $10,000 USD, requiring such transactions to be conducted only between officially certified wallets, accompanied by a prior declaration mechanism.
The institution admitted that comprehensive control over unregistered wallets presents technical challenges, but due to anti-money laundering compliance requirements, it is necessary to strengthen restrictions on large-value cross-border stablecoin fund flows. South Korean regulators have previously stated multiple times the need to improve the monitoring system for cross-border crypto asset transactions involving non-custodial wallets. This paper further refines the control ideas. (DigitalAsset)[Odaily]