Recently, there has been a new development in South Korea's cryptocurrency trading regulations, this time involving corporate investment. I hear that authorities are preparing a new set of rules for corporate cryptocurrency investments, and as a result, they plan to exclude the two mainstream stablecoins, USDT and USDC, which is somewhat surprising.

According to reports, the regulatory agency linked this decision to the Foreign Exchange Act. The current Foreign Exchange Transaction Act has not officially recognized stablecoins as permissible external payment tools, so they believe including these assets within the corporate investment framework would conflict with existing laws. In other words, before the new rules are officially implemented, it will be more difficult for companies to conduct cryptocurrency transactions using stablecoins through official channels.

Interestingly, some publicly listed companies with significant overseas operations are actually requesting to include stablecoins within the permitted scope. They value assets like USDC for settlement and hedging purposes, as stablecoins are fast and low-cost for cross-border transfers, which is a common practice worldwide. However, currently, Korean companies cannot open digital asset trading accounts through domestic official channels, so some businesses have already started using personal wallets or overseas exchanges to handle stablecoin payments, which also reflects the market's actual demand.

Regulatory authorities stated that they are taking a cautious approach, mainly concerned that market chaos could occur if companies participate in the early stages. This new set of rules is expected to be officially released only after progress is made on the Digital Asset Basic Act, so the timeline remains uncertain. However, it is worth noting that even if stablecoins are excluded from the corporate investment guidelines, companies can still conduct cryptocurrency transactions through personal wallets or overseas platforms, just not within an official regulatory framework.

Last October, the National Assembly received a bill that included provisions to recognize stablecoins as a means of payment, but this bill is still under review. It seems that the tug-of-war over the status of stablecoins will continue for some time. For companies looking to engage in cryptocurrency trading in the Korean market, patience may be needed until the policy environment becomes clearer.