Large Banks in South Korea Are Actively Deploying Projects Related to Stablecoins and Digital Assets to Anticipate Legal Trends.
In the context of increasingly vibrant discussions about stablecoin legalization, many banks in South Korea are establishing specialized teams for digital assets, preparing for the rapid development of the cryptocurrency market in the country.
- Large banks such as Shinhan, Woori, and KB Kookmin are focusing on developing working groups for digital assets.
- A series of stablecoin-related trademark applications have been submitted by banks to anticipate new laws.
- Local banks and exchange partners are also building blockchain research teams, preparing for the future.
What Specialized Teams Have South Korean Banks Deployed for Stablecoins and Digital Assets?
Large banks Shinhan, Woori, and KB Kookmin have established specialized teams for digital assets and stablecoins to develop related products and services as soon as possible.
Woori Bank currently has a team of 9 members focused on completing stablecoin and digital wallet projects, while collaborating with many blockchain startups. KB Financial Group has established a special committee to coordinate resources between insurance and securities subsidiaries to create synergy in digital asset activities.
Why Are South Korean Banks Actively Preparing for Stablecoin Legalization?
Currently, the South Korean National Assembly is reviewing bills to pave the way for financial institutions to issue stablecoins, creating a favorable environment for official digital asset service development.
Recognizing the potential and strategic importance, many banks have proactively submitted 81 stablecoin-related trademark applications. This is a step to quickly capture the market and apply new regulations as soon as they are issued. Early preparation helps banks gain a competitive advantage and launch products quickly when policies are approved.
What Strategies Do Local Banks and Cryptocurrency Industry Partners Have to Keep Up with the Trend?
In addition to large banks, regional banks like KEB Hana Bank and Busan Bank have also established Blockchain research teams to explore new technology applications.
Notably, K Bank – a partner of Upbit exchange, has also established a dedicated team for digital assets. According to many industry experts, although the law still needs time to be perfected, early preparation will help banks quickly apply and expand services as soon as official regulations take effect.
To maintain a competitive position in the rapidly developing digital asset market, banks need to act quickly and prepare thoroughly for legal changes.
Mr. Lee Dong-won, Digital Strategy Director, Woori Bank, 2024
Frequently Asked Questions
Which South Korean Banks Are Leading in Stablecoin Working Groups?
Shinhan Bank, Woori Bank, and KB Kookmin Bank are the three large banks with dedicated teams for digital assets and stablecoins.
Why Are Banks Registering Many Stablecoin-Related Trademarks?
Trademark registration helps banks protect ownership rights and be ready to issue products as soon as the law allows.
What Is the Significance of Early Preparation When Cryptocurrency Laws Are Not Yet Complete?
Early preparation helps banks accelerate service launches quickly, taking advantage of market opportunities when the law takes effect.
What Moves Have Local Banks Made in the Blockchain Field?
In addition to large banks, banks like KEB Hana and Busan Bank have created blockchain research teams to grasp the technology.
Which Bank Is the Upbit Exchange Partner in Digital Assets?
K Bank – Upbit's partner – has established a dedicated team for digital assets.
