Legislation governing the exchange of one currency for another, including rules for cross-border payments, currency controls, and regulatory oversight of foreign exchange markets.
Mechanism
The Act establishes legal frameworks and institutional responsibilities for monitoring and regulating currency flows, aiming to maintain economic stability, prevent illicit financial activities, and ensure compliance with national financial policies.
Methodology
Compliance requires financial institutions and market participants to adhere to reporting requirements, licensing mandates, and transaction limits. This directly impacts the operational parameters and risk management strategies for digital asset platforms dealing with fiat conversions and international transfers.
This legislative initiative in South Korea establishes a clear regulatory framework for stablecoins, enhancing their operational legitimacy and integrating them into the national payment infrastructure.
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