Bank of Korea Proposes Certification Wallet Transfers for Stablecoin Transactions Over $10,000

The legal team of the Bank of Korea has released a research paper titled "Regulatory Framework for Foreign Remittance Transactions Involving Stablecoins," proposing regulatory recommendations for large stablecoin transactions. The paper suggests that stablecoin transfers exceeding $10,000 between individuals should only occur between officially certified wallets, accompanied by a prior declaration mechanism. The institution points out that comprehensive control over unregistered wallets poses technical challenges, but due to anti-money laundering compliance requirements, it is essential to strengthen restrictions on large cross-border stablecoin fund flows. Previously, South Korean regulatory authorities have repeatedly emphasized the need to improve the monitoring system for cross-border cryptocurrency transactions involving non-custodial wallets, and this paper further refines the control approach.