Leading South Korean banks, including Shinhan, Woori, KEB Hana, and KB Kookmin, are moving quickly to enter the cryptocurrency and stablecoin markets. This strategic shift is being driven by a new political environment under President Lee Jae-myung, who is a strong advocate for digital finance innovation. His administration’s pro-crypto policies have encouraged lawmakers to review industry-friendly legislation that is expected to provide a legal framework for stablecoin issuance and other digital asset services.
In preparation for these anticipated regulatory changes, banks are creating dedicated in-house task forces and digital asset teams. For example, Woori Bank has formed a new Digital Asset Team and is reviving a crypto custody project. Similarly, KB Kookmin Bank has established a Digital Asset Response Council to coordinate efforts across its financial affiliates.
South Korean banks are not just forming teams; they are also taking concrete steps to secure their market positions. KB Kookmin Bank, for instance, has filed numerous trademark applications for stablecoins pegged to both the Korean won and other global currencies. Smaller and regional institutions like K Bank and Busan Bank are also forming dedicated teams to research and develop blockchain applications.
A banking insider told a top business newspaper that these preemptive moves are necessary because even though the new laws have not been passed yet, they will take time to implement. By preparing now, banks believe they can enter the market swiftly once the new legislation is in place.
August 2025, Cryptoniteuae
