South Korean stablecoin outflows top $367M in June: Report
Stablecoins have been flowing out of South Korean exchanges for 18 consecutive months as regulators weigh tighter oversight of cross-border crypto activity.
In June, South Korean stablecoin outflows reached $367 million, continuing a 18-month streak of monthly net outflows, according to Financial Supervisory Service (FSS) data obtained by Yonhap News Agency. The outflows totaled 560.3 billion won ($367 million) to overseas exchanges, with five major Korean crypto exchanges transferring 2.7 trillion won ($1.81 billion) offshore and receiving 2.2 trillion won ($1.44 billion) from foreign platforms.
South Korean lawmaker Lee Jong-wook has called for the government to reassess investor protection and supervisory frameworks as stablecoin outflows persist. The ongoing outflows are attributed to demand for restricted products like overseas derivatives, tokenized real-world assets, decentralized finance, and staking on foreign exchanges.
South Korea is working on a comprehensive digital asset framework, but disagreements over which institutions can issue won-pegged stablecoins have delayed the finalizing of the Digital Asset Basic Act. Regulators have also proposed extending Travel Rule reporting requirements to transactions below 1 million won and seeking stronger action against unregistered overseas exchanges.
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