The Digital Asset eXchange Alliance, known as DAXA, said it had identified four overseas digital asset exchanges operating for South Korean users without making the required report under the Act on Reporting and Using Specified Financial Transaction Information. It said it requested a police investigation after confirming signs of targeting domestic users through Korean-language services, won conversion displays and reward programmes. DAXA warned users of weak safeguards and difficult remedies if incidents occur.

The head of the Bank for International Settlements said stablecoins lack reliability as a large-scale payment method and argued tokenised deposits are a stronger option that can use tokenisation while preserving the foundations of the monetary system. He said stablecoins may struggle to serve as everyday money and warned that shifts from bank deposits could raise banks’ funding costs and lift borrowing rates. He also cited interoperability and anti-money-laundering challenges and potential risks to monetary sovereignty.