South Korea is preparing to open the crypto market to corporate investors, but stablecoins like USDT and USDC may be left out of the rulebook, according to a new report from Herald Economy.

The country’s financial watchdog says including stablecoins would conflict with existing foreign exchange laws that do not recognize them as official payment instruments. Regulators are also concerned about early-stage market risks.

South Korea’s Foreign Exchange Transactions Act requires all international transactions to be conducted through licensed foreign exchange banks.

Since stablecoins are not classified as legitimate foreign payment tools under the law, permitting companies to hold them could allow businesses to send…