South Korean Banks Sprint To Introduce Crypto Services Ahead Of Regulatory Adjustments
The crypto season in South Korea has officially kicked off! Some of the country’s biggest banks are preparing to introduce their services related to crypto and stablecoins as the regulatory change date approaches.
A local media piece released on 3 August 2025 reveals that various banks in South Korea are establishing specialized groups to get ready for the forthcoming legislation that will allow them to issue and manage stablecoins.
Moreover, the article indicates that banks are eager to form a consortium that will enable a swift entry into the crypto market in South Korea.
Prominent South Korean banks like Woori and Shinhan had originally crafted their strategies to penetrate the market as far back as 2018-2019. However, the former administration led by President Go to the moon Jae-in opted to prohibit initial token offerings, compelling Woori and Shinhan to halt their efforts.
The current government, under President Lee Jae-myung, is supportive of crypto initiatives, resulting in multiple committees within the National Assembly examining an extensive array of pro-industry reforms aimed at fostering growth and clarifying regulatory uncertainties.
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Banks sensing opportunity are rapidly moving to capitalize on this situation. For example, Woori has established a specialized Digital Asset Team responsible for managing projects that span from stablecoin development to the launch of wallet solutions.
This newly created nine-member group is part of Woori’s New Business Alliance Network Department.
In addition, the bank has executed a collaboration agreement with a distributed record startup to reignite its ambitions in crypto custody. The report notes that Woori has also collaborated with several undisclosed entities to form a stablecoin consortium.
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KB Kookmin Bank Enters South Korean Crypto Scene
While Woori Bank has gained an early advantage, KB Kookmin is not taking a back seat. The bank established a Digital Asset Response Council in June of this year to spearhead a cohesive strategy across its KB Financial Group affiliates.
Since then, the council has been preparing for possible policy modifications by drafting a series of rapid response frameworks and is actively seeking partnerships with outside entities such as insurance companies, credit card issuers, securities firms, and asset management companies.
The council aims to enhance strategic cohesiveness in the crypto domain within the KB ecosystem.
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KEB Hana Assembles Working Group to Address Won-Pegged Stablecoins
Another significant bank in South Korea, KEB Hana Bank, has put together a working group, drawing expertise from key departments to address challenges related to won-pegged stablecoins. This group is intended to lay the foundation for future digital infrastructure endeavors.
KEB Hana has followed in Woori’s footsteps by creating a joint venture for crypto custody, eyeing opportunities for international expansion.
Meanwhile, Shinhan Bank has created a specialized crypto task force consisting of 20 personnel.
Other banks in the region, such as K Bank, a partner of Upbit, and Busan Bank, are also gearing up to adapt to the coming reforms.
In the midst of all this, a trademark race is unfolding with KB applying for 32 trademarks associated with won-backed stablecoins and an additional 49 related to foreign currency pegged tokens.
The report adds, “if stablecoins are legalized, financial institutions must rapidly launch related services to gain a foothold in the crypto market.”
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Key Takeaways
- South Korean banks are intensifying their crypto initiatives amid the region’s regulatory reform momentum
- Woori Bank, KB Kookmin Bank, and KEB Hana are currently spearheading the efforts
- KB Kookmin has submitted 32 trademarks for won-backed stablecoins and 49 for foreign currency pegged tokens
The article South Korean Banks Race To Launch Crypto Services Before Regulatory Changes first appeared on 99Bitcoins.
