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FollowingSouth Korea's net outflow of stablecoins lasted for 18 months, reaching 560.3 billion won in June.
In June this year, South Korea's outflow of stablecoins to overseas exchanges reached 560.3 billion won (approximately 367 million US dollars), marking the country's monthly net outflow of stablecoins has been for 18 consecutive months. This data comes from information submitted by the Financial Supervisory Authority (FSS) to National Power Party MP Lee Jong Wook. South Korea's top five cryptocurrency exchanges-Upbit, Bithumb, Coinone, Kbit and Gopax-transferred 2.7 trillion won (approximately US$1.81 billion) of stablecoins overseas in June, while receiving 2.2 trillion won (approximately US$1.44 billion) from overseas platforms.
According to analysis by market participants, these fund transfers stem from demand for products that are not available or restricted by domestic exchanges, such as overseas derivatives, tokenized real-world assets (RWA), decentralized finance (DeFi) and pledged products. Li Zhongxu called on the government to re-evaluate the investor protection mechanism and the way it regulates cross-border crypto activities in response to the continued outflow of stablecoins. "The government must comprehensively review its investor protection and regulatory framework and take quick action to improve relevant regulations," he said.
South Korea considers strengthening supervision of offshore activities
The outflow of stablecoins comes as South Korea is working to improve its legal framework for digital assets. A policy report released last Thursday recommended that before the finalization of the Basic Law on Digital Assets, authorities should introduce temporary licensing guidelines and advance stablecoin regulation in stages. The proposed bill would establish South Korea's first comprehensive digital asset regulatory framework, covering stablecoin issuance, information disclosure and market activity rules. However, due to differences among legislative bodies on issues such as which institutions have the right to issue won pegged stablecoins, relevant proposals have not yet been unified.
South Korean regulators are also trying to expand crypto transfer reporting requirements. On June 22, the Korea Financial Intelligence Analysis Institute (FIU) proposed extending travel rules reporting requirements to transactions below 1 million won (approximately US$650). The FIU also called for tougher measures against unregistered overseas exchanges serving South Korean users. The agency pointed out that imbalances in licensing and regulation in different jurisdictions provide opportunities for regulatory arbitrage, and the continued outflow of stablecoins in South Korea further highlights this risk.
