Key Takeaways
South Korean banks are ramping up crypto and stablecoin initiatives ahead of new legislation, signaling a major shift in regulatory stance.
As the U.S. moves forward with the GENIUS Act to regulate payment stablecoins, other nations are quickly following suit, and South Korea is among the most proactive.
Major South Korean banks are now accelerating their crypto strategies, forming dedicated teams and drafting plans to issue and manage stablecoins, as per the Maeil Kyungjae newspaper.
“As discussions on legalizing stablecoins heat up rapidly, the banking sector is now taking proactive measures.”
This flurry of activity comes in anticipation of new legislation that could officially greenlight such operations, signaling the country’s growing readiness to embrace the digital asset economy.
Which banks have shown interest?
According to Maeil Newspaper, Woori Bank has launched a full-fledged “Digital Asset Team” under its New Business Partnership Platform.
This group, staffed by digital specialists, is reviving dormant projects like crypto custody and exploring fresh alliances with blockchain firms.
Meanwhile, KB Kookmin Bank is running a virtual asset consultative body across its affiliates.
The unit is tasked with building digital asset strategies, adjusting to policy shifts and coordinating initiatives across insurance, securities, and asset management arms.
Hana Bank is also exploring issuance infrastructure for Korean-won stablecoins. Shinhan Bank has deployed a 20-person task force to prototype services and secure trademarks in advance.
Even local players like Busan Bank and K-Bank are entering the fray.
Trademarks, tech pilots, and market timing
Beyond internal prep, South Korean lenders are making bold external moves. KB Kookmin has filed 81 stablecoin-related trademarks. 32 for won and 49 for foreign currency pairs.
Shinhan is running proof-of-concept tests, reviewing regulation scenarios, and designing integration plans for stablecoin products.
Woori plans to jointly launch “Vitgo Korea,” a stablecoin-focused custodian venture with foreign partners, and has already signed new agreements in the space.
Clearer rules, faster action
South Korea is reviewing new bills to define stablecoin issuance, crypto custody, and digital asset exchange guidelines.
This reflects a sharp divergence from the U.S., where regulation remains fragmented, and agency oversight is split.
The GENIUS Act covers only payment stablecoins, while SEC and CFTC roles continue to overlap.
In contrast, South Korea’s Digital Asset Basic Act (DABA) offers one unified legal framework, including tokens, NFTs, and custody rules.
Will this, in turn, lead to a crypto boost?
Commenting on this shift, Sangmin Seo, head of the Kaia DLT Foundation, emphasized that South Korea’s regulatory clarity could soon become a model for other countries.
Seo put it best when he said,
“This election, Korean politics sees crypto as a narrative to gain voters’ favors, positioning it as another national growth engine besides AI and semiconductors.”
