South Korea Moves to Exclude Stablecoins from Corporate Crypto Rules
- South Korea plans to open its crypto market to corporate investors, excluding stablecoins like USDT and USDC.
- The exclusion is due to conflicts with foreign exchange laws that don’t recognize stablecoins as official payment instruments.
- The Foreign Exchange Transactions Act mandates international transactions through licensed banks, preventing direct overseas payments using stablecoins.
- An amendment to classify stablecoins as payment instruments is under review but not yet approved.
- The new Corporate Virtual Currency Trading Guidelines will allow institutional investors in the market once the Digital Asset Basic Act is finalized.
South Korea’s move to exclude stablecoins from corporate crypto rules stems from legal conflicts, while institutional entry into the crypto market awaits regulatory finalization. Companies may hold assets like Bitcoin and Ethereum, but not stablecoins until law amendments occur.
Source (3.2)https://cryptobriefing.com/stablecoin-exclusion-guidelines-south-korea/?rand=59535
