South Korea’s FSS: Stablecoins Used for Electronic Payments Subject to Electronic Financial Transactions Act

The FSS is drawing stablecoin payments into the e-finance perimeter rather than leaving them in a crypto-specific gray zone, which matters because it treats payment stablecoins as payment infrastructure first and digital assets second. The immediate effect falls on issuers and payment providers serving Korean users, though the regulator has left the actual scope of covered tokens and timing undefined. That gap is the story: whether the FSS follows with named tokens, issuer criteria, or an effective date will determine how much of the market this position actually reaches.