The Bank of Korea has expressed its intention to actively participate in stablecoin legislation

2025-04-21 16:39:54

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ChainCatcher news, according to The Block, the Bank of Korea stated that it will "actively participate" in the development of the country's stablecoin regulatory framework to reduce potential monetary and financial risks. The Bank of Korea pointed out in a payment system report released on Monday that stablecoins have the characteristics of a payment tool, and their expanded use may affect the effectiveness of monetary policy.

The Financial Services Commission of Korea previously announced that it will begin drafting a new round of cryptocurrency legislation in the second half of this year, focusing on stablecoin regulation and transparency requirements for cryptocurrency service providers. This legislation is a supplementary law following the first cryptocurrency law that will take effect in July 2024.

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