Bank of Korea Legal Team Proposes Rules for Large Stablecoin Transfers Over $10,000

The Bank of Korea’s legal team released a research paper outlining a regulatory approach for foreign remittance transactions involving stablecoins, including proposals to oversee large stablecoin transfers. According to Odaily, the paper draws on South Korea’s existing foreign exchange management rules and proposes constraints on person-to-person stablecoin transfers exceeding $10,000. It suggests that such transactions should be conducted only between officially certified wallets and be subject to a pre-reporting mechanism. The institution said comprehensive control of unregistered wallets faces technical obstacles, but argued that anti-money laundering compliance requires tighter restrictions on large cross-border stablecoin flows. South Korean regulators have previously stated multiple times that monitoring systems for cross-border crypto asset transactions involving non-custodial wallets need improvement, and the paper further details proposed control measures.