South Korea’s Ministry of Economy and Finance has announced that it is considering measures to ensure the integrity of cross-border transactions involving virtual assets such as stablecoins.
The ministry explained that stablecoins are primarily used within the cryptocurrency ecosystem for transactions and emphasized their potential to expand into the real economy as a means of cross-border payments and transactions.
A government official stated that the regulation of stablecoins will begin with the establishment of a system for issuing stablecoins pegged to the Korean won.
This system will first create a legal framework for stablecoins pegged to the Korean won and then gradually extend to stablecoins pegged to foreign currencies.
