Bank of Korea Lawyers Propose $10,000 Threshold for Verified Stablecoin Wallet Transactions

According to a paper published on July 8 in the Korean academic journal 은행법연구 (Banking Law Review), Bank of Korea lawyers Choi Ji-young and Park Jun-young propose that stablecoin transactions between individuals exceeding $10,000 should only be permitted between verified wallets. The proposal draws from foreign exchange law provisions requiring disclosure of currency outflows above $10,000.

The paper recommends a monitoring system for large cross-border transfers while generally permitting peer-to-peer stablecoin transactions outside service providers. For transactions above $10,000, the proposal suggests a pre-registration and wallet verification requirement, similar to existing foreign exchange reporting standards.