Leading South Korean banks are preparing for an active entry into the cryptocurrency and stablecoin markets in light of upcoming legislative changes.
Formation of Digital Asset Teams
The largest South Korean banks, including Shinhan, Woori, KEB Hana, and KB Kookmin, are creating in-house task forces and digital asset teams. These divisions are developing crypto custody services, stablecoins, digital wallets, and forging blockchain partnerships. For example, Woori Bank has established a Digital Asset Team to research and build new services.
Legislative Response
A shift in the country's political landscape is also driving this growth. South Korean legislators are considering several reforms that could provide a legal framework for stablecoin issuance and crypto custody services. These initiatives are already under discussion in various committees within the National Assembly and may be passed in the coming months. President Lee Jae-myung has become an active advocate for digital finance and blockchain innovation.
Banks Safeguard Interests in Crypto Market
In addition to forming specialized teams, banks are taking steps to protect their interests in the cryptocurrency market. Shinhan Bank has assembled a 20-member task force dedicated to researching and developing digital asset services, while KB Kookmin Bank has filed applications to register 32 trademarks for stablecoins based on the Korean won.
South Korean banks are proactively preparing for anticipated legislative changes that will open up new opportunities in the stablecoin and digital asset markets by forming teams and safeguarding their interests.
