South Korean lawmakers propose bill to prevent the use of stablecoins to circumvent foreign exchange regulations

Park Sung-hoon, a member of the South Korean People's Power Party, will spearhead a proposal to amend the Foreign Exchange Transactions Act, formally including stablecoins as a legally recognized means of payment. This move aims to fill regulatory gaps in current regulations and eradicate the use of stablecoins for money laundering, tax evasion, and other illegal activities.