South Korea is planning to impose foreign exchange controls on stablecoins, underscoring the government’s concerns about their growing use in international trade.

- The Ministry of Economy and Finance is considering measures to improve the stability of crypto transactions.

- Stablecoins could become a real means of payment, raising concerns about the stability of the foreign exchange market.

- South Korea’s financial service will discuss regulating stablecoins based on the experience of Japan and the EU.

- Crypto exchanges like Upbit and Bithumb will be required to pay a supervisory fee from 2024.

- The new law requires exchanges to store 80% of user assets in cold storage and verify asset listings.

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